Today is the launch of a nation-wide effort to raise awareness about the importance of saving. It’s America Saves Week, and all of us at Sandy Spring Bank are here to help you #Save4Success.
This week we’ll be sharing tips and suggestions for you to consider when it comes to setting and achieving your savings goals. Savers with a plan are twice as likely to save successfully for things like retirement and education1, so if you don’t yet have one, creating a plan is a good place to start.
Kick start healthy saving habits with a budget, setting aside a designated amount to reach your goal. Success builds on success, no matter how little. Whether you’re saving for a vacation or starting a tuition fund, set a reasonable goal and see how good it feels when you reach it. Starting small is a great way to dream big.
One way to help yourself save regularly is to set up an automatic transfer from your checking account, so that you can save without even thinking about it. To stay on top of your finances, use all of the tools available to you, including online and mobile banking or signing up for text alerts. When it comes to budgeting and saving, it helps to always know where you stand.
If you’re looking for a few ways to divert some money into savings, here are a few things to consider:
Did you know that the average American spends roughly the same amount on groceries as they do at restaurants each year2? You could keep your foodie-inspiration going with a new cookbook or cooking blog and watch the savings grow with a few more meals at home.
Did you also know that the average American worker spends over $1000 a year on their coffee habit3? Imagine putting $100 a month into a savings account and watching it grow!
And, don’t forget about paying down any debt you may have. If possible, try to go above and beyond the minimum payment. You’ll not only pay out less in the long run, but you’ll feel a real sense of accomplishment and you can start saving move. Check out our handy calculator to see what saving just 1% more could do for you over time.
No matter where you are in your financial journey, we’re here to be your advocate and to help you #Save4Success. To learn more about our savings solutions, visit one of our convenient branches.
1 https://americasavesweek.org/america-saves-week-2018-digital-toolkit/
2 https://www.usatoday.com/story/money/personalfinance/budget-and- spending/2018/05/08/how-does-average-american-spend-paycheck/34378157/
3 https://www.forbes.com/sites/brianroberts/2018/03/19/how-to-make-the-perfectcup-of-coffee/#4a2551ee32be