Money 101 - Top Tips for Serious Saving

PERSONAL FINANCE | JANUARY 25, 2022 | TYLER SHERFINSKI

Some of us were never taught how to save when it comes to money, but all of us were taught how to spend. So, why does it seem like such a challenge to save money? Simply put, it’s easy to spend money, but saving it is much more difficult. Here are a few tips to help you put your hard-earned cash in a safe place for the future.

Have you ever actually thought about your money and where you spend it every day? It may surprise you. Many of us reach for a few bucks to pay for coffee, or we use the convenience of a card to make a purchase. It’s easy to spend and forget, but until you take the time to track every dime that leaves your pocket, you might not realize how much you spend on a daily or weekly basis. One of the easiest ways to track your spending is to carry a small notebook with you and write down everything you purchase. Track your spending for at least a month, and you might find yourself overspending and how that sets you back.

Now that you’ve tracked all your spending, you’ll find it easier to reduce or even cut out unnecessary spending. It’ll be easy to identify the $6 mocha java latte’ that you purchase daily before work, but it’s more difficult looking at the list and determining cheaper alternatives. Perhaps a sack lunch can replace a lunch out. You can go easy on yourself by starting with just one day a week and working your way up to four or five days of packed lunches per week. Believe it not, but you’ll be saving a lot by taking in your meals. If you save $2 per day by taking in lunch, that’s $520 in savings in a year.

Let’s face it; we do have to spend money. Everyone needs a place to sleep, food to eat, and clothes for work and play. It’s still okay to spend in this attempt to save money but do it wisely. Look for sales, and don’t be afraid to clip some coupons. Do you need the $900 brand new smartphone, or can you survive on last year’s version that’s on sale for $250? Did you know some stores’ apps have digital coupons just waiting to be clipped? Your ability to save is directly tied to your spending habits. Be a savvy shopper, and you’ll automatically be able to save more.

Sooner or later, there may be a large purchase you’d like to make. Perhaps you and your spouse would like to buy a house or a car or take a vacation. Here’s an easy way to ensure you are putting money away each paycheck for those large purchases. After you set aside the money for your living expenses, such as a rent or house payment, utilities, insurance, and groceries, but before you spend your money on things you want versus things you need, take a portion of what’s leftover and set it aside for that large purchase. You can do that easily with Peoples Super Saver Account, which allows you to set a dollar amount to automatically transfer from a Peoples checking account to this savings account each month. This will be an easier task if you’ve tracked your spending based on Tip #1.

If you’re lucky enough to get a raise or a bonus and your financial situation is stable, then take the extra money you receive and put it into a savings account. You might not be able to do this if your money is tight, but if you have settled into a good pattern of wise spending and saving, setting it aside will be easy. Put that extra money to work by saving it for a more significant purchase or your retirement. Try committing to these tips for a few months or even a whole year, and you’ll be surprised at how much you’ve saved.

Peoples State Bank makes saving your money easy. Our digital banking platforms allow you to transfer money from one account to another. We have several saving account options that provide a safe place for your money to grow while you’re saving. We have banking professionals who can answer your questions and help you determine your course of action for saving. Contact our customer service center at 888.929.9902 to learn more.

Tyler Sherfinski
Personal Banker
Tyler Sherfinski serves Peoples State Bank customers in our Rib Mountain location. As a personal banker, Tyler can assist you with your banking needs, from opening a checking or savings account, loan applications, and questions you might have about our banking products.

715 847 4115 | tyler.sherfinski@bankpeoples.com