Tips on How to Save

Are you having trouble getting started with saving money, or continuing to save, and could use a little guidance?  Corey Blake from New Horizons Credit Union joined us with some tips on how you can save.  Take a look below...

*Spend Less Than You Earn
This is the biggest key to saving.  Learn how to manage your money. Put together a written budget each month and give every dollar an assignment before you get your paycheck.

*Set It And Forget It
I’m talking about automatic paycheck deductions. Set it so that a little of your paycheck goes straight into your savings account, 401K retirement, Christmas Club account, etc. and saving will seem quite painless. If it’s not there, you won’t spend it… out of sight, out of mind.

*Pay Yourself First
Treat your savings like a monthly bill, whether weekly or monthly, and pay your savings account just like you would any other bill.

*Spend Smarter
Unlike the government, we can’t print ourselves more money, so aim at plugging the wholes of wasteful spending and redirect your money to things you truly care about or need.

*Don’t Spend Until Tomorrow
We’re referring to saving and investing. Many people think that saving is different from spending. Really, it’s just deciding to spend at some point in the future. This tends to be most difficult because humans are hardwired consume immediately.

*Make Your Money Work For You
Force your money to make its own money by earning interest. Make sure your savings investments match your timeframe. Long Term vs Short Term investing.

Ultimately, it’s up to you whether you want to save and are willing to adjust your lifestyle to boost your savings.

New Horizons Credit Union
www.newhcu.org

Sponsored by New Horizons Credit Union