Life comes with some major expenses. Whether it’s college, a new home, or retirement, we’re always on a mission to save enough money for the next big thing.
Staying motivated to meet your savings goals can be tough. When you’re in a rut, freshen up your saving strategy with one of these pointers:
- Make a plan. The first step to meeting your savings goals… is setting them. Start by identifying:
- What you want to save for
- How much you want to save
- When you want to save it by
From there, it’s a breeze to calculate how much you need to put away each month to meet your goal.
- Use budgeting apps or websites to track your goals. Keeping track of your saving progress can get tricky. Luckily, there are a variety of budgeting apps or websites that can help.
CoreFirst Bank & Trust offers Money Plan - a FREE, convenient, and easy to use budget tool that gives you a clear view of your monthly spending, debt, and balances. Money Plan allows you to track your savings progress in different categories, making it easier to save for more than one purpose.
- Open a savings account just for long-term saving goals. Meet your savings goals faster by earning more on interest each month! Keep your money in a high-yield savings account designed to make your balance grow, like one of CoreFirst Bank & Trust’s Certificates of Deposit.
- Set up automatic transfers into your savings account. If you don’t see it, you won’t spend it! A sure way to grow your balance is to ask your employer if you can deposit a portion of each paycheck directly into your savings account.
- Reward yourself. Saving money is tough. You deserve a reward for your hard work and sacrifices! Try creating smaller milestones within your larger savings goal, and treat yourself to something small each time you hit one – like a chocolate or a nice cup of coffee.