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8/15/2019

Five easy ways to save $100 a month

Congratulations, you’re looking to save money—most likely for emergency savings, a big-ticket purchase like a car or your next vacation. The next step is to make it happen. Here are five hacks to get you started.

1. Develop savings habits

Establishing a habit of savings is key to reaching your financial goals. If a $100 single deposit per month is a challenge, start with saving $25 per week. The first step is to make saving a priority. Use the Savings Account Calculator to see how consistent deposits can help you accumulate wealth.

Once you get comfortable with putting $25 per week into your savings account, you can increase your deposits to reach your savings goal faster.

2. Pay the most important person first—you

Do you want to save but find yourself short at the end of the month? Set up an automatic savings plan and pay yourself first.

An automatic savings plan is simple to set up and will transfer a fixed amount of money from your checking account into a savings account on a regular basis—weekly, biweekly, monthly, etc. Your money will be stashed in your savings before you even start paying the rest of your expenses.

3. Make your money work harder

Where you put your hard-earned money counts. Not all banks and bank accounts are the same. Some offer low interest rates and charge high fees just for maintaining the account.

A great option is to open a savings account at an online-only bank. Online banks typically have higher interest rates than the ones offered by traditional banks. CIT Bank’s Savings Builder is a high-yield, tiered-rate savings account that rewards monthly savers. If you can save $100 or more in a single deposit every month, you will qualify for the account’s highest interest rate tier.

CIT Bank is FDIC-insured and has no account opening or maintenance fees. Plus, we compound interest daily so you can maximize your earning potential. As part of CIT Group, a longstanding leader in small business lending and commercial financing, CIT Bank is backed by a legacy of financial expertise. You can make the most of your money with CIT Bank.

4. Stop paying for things you could do yourself

Could you eat out less and make more home-cooked meals? Cut the lawn yourself instead of paying for a service? Do your own nails rather than go to a salon every week? While it makes sense to pay for some products and services, chances are there are some things you could do yourself. Look for one or two ways you could cut back —and then pay yourself by adding the cash you saved into your savings account.

Check out our Lunch Saver Calculator and get and learn how much you could save if you brought your lunch instead of eating out.

5. Look for alternatives

Carefully examine your recurring monthly expenses and looks for less expensive options. Cutting the cable cord and switching to a streaming service could save you a big chunk of cash every month. Getting new quotes for auto, renter or homeowners insurance could save hundreds or more in a year. You may be surprised at the big difference even small changes can make to your bottom line.

Saving more doesn’t have to mean making dramatic sacrifices and lifestyle changes. These strategies require minimal effort and put you in the driver’s seat on your savings journey.

Ready to start saving more? Open a savings account at CIT Bank today.

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