As we enter winter officially, it’s a great time to reflect on your financial goals and boost your savings. Whether you’re saving for a vacation, preparing for upcoming expenses or building a nest egg, implementing smart strategies can set you up for financial success. Let’s take a look at some end-of-year saving tips to help supercharge your savings.
Review and adjust your budget
Take a close look at your budget and assess your spending habits. Identify areas where you can cut back or find more affordable alternatives. Consider trimming non-essential expenses like dining out, unused or unnecessary subscriptions and impulse purchases. Allocate your saved funds toward your short- and long-term savings goals. In the new season plan your budget accordingly, accounting for upcoming expenses, like cold-weather wardrobe essentials, increased heating costs and school supplies, as necessary.
Optimize your energy usage
With the cold draft steadily approaching us, it’s a perfect time to ensure you’re optimizing your energy consumption. Utilize natural light whenever possible. If you haven’t already made the switch, change to energy-efficient LED bulbs. Unplug electronics when not in use to minimize vampire energy usage and consider investing in smart power strips that cut power to idle devices. These small changes can lead to big energy bill savings, leaving you with extra cash to put into savings.
Take a financial fast
Winter is the perfect season for free or low-cost entertainment options. Keep one weekend, or longer, completely spend-free. Meals are whatever you can throw together using the contents of your fridge, freezer and pantry. Activities can include doing movie night with family or indoor game night with friends. You can also check community calendars for free indoor events. By embracing cost-effective options, you can enjoy the season without compromising on your savings goals.
Automate your savings
Consider automating your savings to make it super-easy. Set up an automatic monthly transfer from your checking account to a designated savings account This way, a portion of your income will automatically be set aside for savings without any actual effort on your part. If your employer offers direct deposit, split your paycheck so a portion goes directly into your savings account. By automating your savings, you’ll be less tempted to spend that money, and it will steadily grow over time.
Open a [Vacation Club Account]
The end of year is a great time to start thinking about next year’s summer getaway. Consider opening a [Vacation Club Account] at Mutual Security Credit Union at this time. This is a type of savings account for the account holder to make regular contributions toward a set goal. These accounts are designed to help the holder save up for vacation [or similar big goal] expenses. By spreading the cost of a large, seasonal expense throughout the year, you’ll have an easier time saving the full amount by next summer. Also, you likely won’t be able to withdraw your funds until a specific date or sum of money has been reached. This makes it harder to use your vacation funds for another purpose.
MSCU can help you grow your money at a faster rate, check out our progressive savings account option. To learn more and to open an account today visit us at https://www.mscu.net/savings/progressive
Open an account today and be ready for tomorrow!