![]() Need help deciding what type of bank account would be right for you? We can help you find the one that aligns with your goals.Credit Karma Money is a checkings and savings account that offers a modern alternative to traditional banking services.If you want to get a jump on your savings, open a savings account online today.Learn more about creating a budget to meet your savings goals.Regularly move the money you save out of your checking account into your savings account, where you’ll be less likely to touch it before you reach your goals. Suddenly, that habit adds up to a substantial sum.Īs you implement these tips into your financial life, remember that where you save your money is important too. Annualize Your Spendingĭo you pay $20 a week for snacks at the vending machine at your office? That’s $1,000 you’re removing from your budget for soda and snacks each year. If your goals are more long-term, consider products with higher yield rates like a CD or money market account for even better savings. Create an Interest-Bearing Accountįor most of us, keeping your savings separate from your checking account helps reduce the tendency to borrow from savings from time to time. If buying lunch at work costs $10, but bringing lunch from home costs only $3, then over the course of a year, you can create a $1,820 emergency fund or make a significant contribution to a college plan or retirement fund. Pack Your LunchĪn obvious money-saving tip is finding everyday savings. And installing an on-demand or tankless water heater can deliver up to 34% savings compared with a standard storage tank water heater. Lowering the thermostat on your water heater by 10☏ can save you between 3% and 5% in energy costs. You could save thousands in utility costs over time. This will range from easy improvements like sealing windows and doors all the way to installing new insulation, siding or Energy Star high-efficiency appliances and products-and even solar panels. Call your utility company and ask for an energy audit or find a certified contractor who can give you a whole-home energy efficiency review. Let’s face it, utility costs seldom go down over time, so take charge now and weatherize your home. If you can’t drive the distance, look for cheap flights in your region. Though the term may be trendy, the thought behind it is solid: Instead of dropping several thousand on airline tickets overseas, look in your own backyard for fun vacations close to home. According to the Centers for Disease Control and Prevention, the percentage of American adults who smoke cigarettes is now below 12%-join the club! 5. No, it’s certainly not easy to quit, but if you smoke a pack and a half every day, that could amount to thousands of dollars a year that you can realize in savings if you quit. Whether it’s $50 every two weeks or $500, don’t cheat yourself out of a healthy long-term savings plan. Set up an auto transfer from your checking account to your savings account each payday. Use Regions’ savings calculators to meet your goal! 3. ![]() Want to buy a house in three years with a 20% down payment? Now you have a target and know what you will need to save each month to achieve your goal. If you need motivation, set saving targets along with a timeline to make it easier to save. One of the best ways to save money is by visualizing what you are saving for. A personal line of credit is just one option for consolidating debt so you can better pay it off. Once you’re free from paying interest on your debt, that money can easily be put into savings. Not convinced? Add up how much you spend servicing your debt each month, and you’ll quickly see. If you’re trying to save money through budgeting but still carrying a large debt burden, start with your debt. Use these simple money-saving tips to generate ideas about the best ways to save money in your day-to-day life. “That’s why it’s important to think about realistic ways to save, break it down into smaller actionable steps, and make it a part of your ongoing budgeting and spending plans.” ![]() “Many people have sizeable goals for building up their savings, but unrealistic goals are nearly impossible to put into practice,” says Joye Hehn, Next Step Financial Education Manager at Regions Bank. But, as everyone knows, it can often be difficult to do so. From paying down debts to making easy lifestyle changes, these simple tips can help you meet your savings goals.
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