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Saving Personal Finances

Fill Your Savings with Financial Slack

What goes into saving money? A lot. But if you cut it down into small action items, it’s a lot more doable. Here we share some ways to create financial slack and fill your savings.

 
Pay down debt.
Reducing the amount of money you have to pay towards interest puts more money in your pocket. You could also consider consolidating debt into a lower interest rate that would give you more financial slack you can put towards savings.

 
Eliminate fees from unpaid bills.
Paying your bills on time keeps you from spending extra money towards fees. A great way to make sure you pay on time is setting up automatic bill payments. We offer bill pay in online and mobile banking to take that stress away for you.
 

Spend sensibly.
Being thoughtful about where you’re spending your money helps you stay aware of what is most important to you. This keeps you from spending impulsively on unnecessary items.
 

Save everyday.
Setting up automatic savings to “pay your piggy bank” is a great way to make sure you’re putting a little away every day. You can start with just $5 at first just to get you going. You can accomplish this by setting up automatic transfers to your accounts or by directing a little bit of your direct deposit from your paycheck into your savings account.
 

Turn that hobby into a side hustle.
We all have our own various talents. If there is something you’re good at and enjoy doing outside of your regular job maybe it is something you can make money on. Some examples of things we’ve seen be successful are making crafts, reselling items found at estate sales and baking.
 

Find the money!
We may joke about checking the couch cushions or finding $20 in the washing machine, but money is money. Put that in your savings. A more popular way to find money in our current era of technology is by checking those apps you use to transfer money to friends and family like Venmo, PayPal and Apply Pay. I love it when I realize someone paid me back for something and I just have money sitting in there. Don’t spend it or transfer it to your checking account. Move that money into your savings.
 

Do things around the house.
Cooking at home more helps increase your financial slack and puts you in control of what how much you want to spend enjoying a meal. You can also look at ways to lower utility usage. Are you turning off all the lights when you leave? Does the a/c or heater run too much when you’re not home? There are various things around the house you can do to put more financial slack back in your savings account.
 

Ready to fill your piggy bank?
All of these examples are just ways to help you get started. Our Financial Health Centers specialize in helping people build and maintain financial slack. We’re here to support you in setting savings goals and making a plan to reach them.







 

By: Credit Human, January 26, 2022

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