Don’t take the summer off from saving!
Don’t take the summer off from saving! It may seem like saving money is impossible. Or a big chore. Unexpected expenses or the temptation of a “must have” item or a fun event can make even the best plans tough to stick to. Yet having a financial cushion is one of the most important things you can do to feel financially secure.
Here are some ideas that may help:
401k - Contribute to your retirement plan at work. Many companies offer employees the opportunity to defer income into a 401(k) plan and will also help with a matching contribution of some level.
Automate Savings - Set up an automatic savings plan at your financial institution. Transferring a set amount into a savings account from your checking account each month, will come to be a regular "expense" and you may not even notice it is gone from your checking account. Over time, it will add up and that account will probably pay a higher interest rate than your checking account. You can also have an amount automatically deducted from your paycheck and deposited into a savings account.
Reduce High Interest Rate Debt - If you are paying interest on credit cards or some other loan that has a high interest rate, find a way to pay it off or at least pay more than the minimum required amount. You might also consider finding another credit card with a lower interest rate.
Skip Vacation - As much as you may look forward to a lovely trip, consider a “staycation”, visiting relatives instead or going someplace less expensive.
Lower Your Rent - Find a cheaper apartment or a roommate. A less expensive place to live, even temporarily, can help you save money quickly.
It may seem difficult, but having a little self-discipline will help saving become automatic, providing peace of mind and a financial cushion.
Another savings tip - sign up for Prewards®. Like coupons, Prewards®, are digital incentives linked to your Standard Bank Debit MasterCard®.
Using Prewards® is easy! Just register for the program and shop at the participating merchants. The wide range of Prewards® retailers includes Target, Dick’s Sporting Goods, 1-800-Flowers.com, Meijer and many more!