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2/26/2019

Start Saving More Money Today

Ever heard that saving money means making sacrifices? We don’t think that’s necessarily true. With the right tips and tricks, we’re confident that you can cut down on excess spending and steadily grow your savings.

Don’t just sacrifice your way of life to save. Consider nine simple strategies for stockpiling more of your earnings without giving up the lifestyle you enjoy:

  1. Carry larger bills.Picture this: You're carrying a $20 bill, two $10 bills, one $5 bill and five ones. You might spend some of that money on your favorite latte, grab a bite at the new bistro downtown or pick up a new shirt for date night. Now picture yourself carrying one $50 bill. You probably won’t be as quick to break that bill for a coffee or some other minor expense. This is an example of the "denomination effect." 1 Play into your psyche by trading in smaller bills for larger ones and you could save some money without even realizing it.
  2. Take your time. Impulse buying and savings goals do not mix well. Whenever you're tempted to splurge on a big purchase, hit pause before pulling out your wallet. Put a note in your calendar and then wait a specified period of time before you decide to go for it. Spend that time reading reviews, researching alternatives and thinking about whether you really still want it. The appeal may fade over time; if it doesn't, go ahead and treat yourself.
  3. Consolidate your cards. Carrying credit card debt from month to month? It's too easy to put off payments on one card with another if you have multiple. Consider giving some of your cards a break while you pay down credit debt. Operating with only a few will help keep you organized and provide fewer opportunities to accrue debt moving forward.
  4. Choose an internet bank. Build up your savings from anywhere at any time with a savings, money market or CD account from an online bank. Internet banks have low operating costs, so you'll likely be able to avoid major fees and high minimum deposit requirements.
  5. Check out as a guest when online shopping. Online shopping is full of spending temptations. And storing your credit card information on a website for a quicker checkout? It’s one of the biggest. Sure, retyping your credit card information for every online purchase can be inconvenient, but it could keep you from buying something you don't really need. Shut off the impulse to spend by adding an extra step to your checkout experience.
  6. Regularly review your credit report. Keep an eye on your credit report for any inaccuracies or outdated information. You could even secure a better interest rate by making sure your report is up to date. Plan to request and review your credit report annually. Thinking about applying for a significant loan, like a mortgage? You’ll want to review even more frequently.
  7. Read personal finance resources. With all the financial expertise available online today, there’s no end to the financial knowledge you can gain. Try reading publications like Kiplinger's Personal Finance, MONEY and Consumer Reports for practical advice and ideas. Follow thought leaders in the financial industry on social media and look to your bank for even more targeted tips. You’ll be managing your money more effectively in no time.
  8. Cut down on energy usage. Support the environment and your bank account at the same time. Lots of devices, including speakers, laptops, chargers, toasters and more use energy constantly while they’re plugged in. Keep your utility bills low by unplugging them when they're not in use. Make it more convenient by connecting several devices to a power strip - then disconnect them all at once.
  9. Shop off-season items. Planning ahead pays off. Take advantage of seasonal discounts by planning out your major purchases in advance. One example: Furniture and bedding is typically cheaper after the holidays, and you can snag major deals on warm-weather items like air conditioners and patio furniture at the end of the summer. If you know you'll need certain items in the coming year, mark your calendar for the dates when you'll get the best deals.

We can’t guarantee you'll become wealthy with these tips, but you should be able to make the most of your money while moving forward in the direction of your goals.

So what are you waiting for? Get started today.

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