As Spring approaches, we all look forward to watching things begin to grow. The days stretch a little longer, children sprout right out of their winter wardrobe, and gardens finally begin to take root. At Dundee Bank, we think it’s a good time to see your savings account begin to blossom, as well. Don’t have a savings account just yet? Head to https://www.dundeebanking.com/personal/savings to get started!
How does your savings grow?
Setting a savings goal can be a general idea, or something very specific. It’s something you should talk with your family about in advance to be sure that you’re all on the same team! You might have a very general goal, like deciding to only eat out once a week and any money you don’t spend is put into savings. Your goal may be very specific, like setting aside a percentage of each paycheck to save toward a future expense, like a wedding, family vacation, or just a great new fall wardrobe. Whatever your savings goals are, we can help you grow your account!
Here are a few tips to give your savings big and little boosts. They all add up, sometimes faster than you’d expect!
1. Pay Yourself First
Your savings account should be as much of a priority as any bill. Your future self will thank you for keeping them on the payroll. Some employers will arrange for your direct deposit to be split into two accounts, allowing you to send a percentage of each check directly into your savings before you’ve even seen it! You can also give us a call and we can set up a direct transfer, so a portion of each direct deposit will transfer automatically into your savings. Your account will grow without you lifting a finger!
2. Get Creative
Saving money doesn’t have to be painful, and you don’t have to skip the fun to save for the future. Find little ways to save here and there, and see how skipping little conveniences can quickly add to your savings. Try walking or biking to work or the grocery store once a week. Not only will you save on gas, but when you’re walking home from the market, you’ll think twice about grabbing items that weren’t on your list. Learn to make your favorite latte and become your own barista. Challenge your family to come up with themed dinner nights and make your own unforgettable meals at home!
3. Time for Change
We don’t nickel and dime our clients, but we highly recommend they take it up themselves. Keep an old coffee can or penny bank in your laundry room, and one in the car. Change adds up quickly, and you’ve basically written it off by the time it ends up in the washing machine anyway. While you’re at it, set up a “swear jar”, or get more creative with it and make it an “I can’t find it” jar. Any time your family can’t find something and calls on you to locate it, they’ll have to pay for your sleuthing services by adding to the jar. Isn’t it nice to be compensated for your shoe-finding expertise?
4. Pay in Cash
Studies have shown that paying in cash creates more awareness about how much is being spent, and that we spend statistically less if we do so in cash. Give your cards a break, and break that dollar. Bonus, now you have more change to add to your jar!
5. Understand your Spending Habits
The first step to sending money over to your savings is to know where it’s been going in the first place. This isn’t a way to punish or scold yourself, just a time to take inventory! There are free apps you can install, you can simply write it down on paper once a month, or check your statements through Dundee Mobile, but whatever you do, make a date and do it regularly. Once you can see exactly where your money goes, you can start to make decisions about where you really want it to be! It can be just that simple.
At Dundee Bank, we want to know more about your goals, and we want to help you find the best way for you to get there. If you need help setting up a savings account, an auto-transfer, or need help with understanding your accounts, we are always grateful for the opportunity to help. Give us a call or stop in to any of our convenient locations.