Begin by making a list of things you spend money on – such as gas, groceries, entertainment and utilities. There are solutions available that allow you to view all of your accounts and transactions and make it easy to organize your expenses such as our budgeting tool within online banking or one of the many free budgeting websites and apps. Seeing all your spending in one place can make it easier to identify areas you could cut back a little - because even small things can make a big difference.
Reduce Recurring Expenses
- Turn your thermostat up a bit in the summer or down in the winter.
- Turn off lights and appliances when you leave home or aren’t in a room.
- Shop around for insurance, just be sure you aren't sacrificing coverage for cost.
- Cancel unused memberships or subscriptions.
Modify Entertainment Spending
- Consider cutting back on the number of times you eat out, or order water with your meal instead of specialty drinks.
- Look at your TV, internet, phone and streaming services and ask yourself where you could cut back.
- Find free things to do – whether it’s a concert or a day at the park. Having fun doesn’t have to cost money.
- Take coffee with you from home and save the coffee shop stop for a special treat day.
Adjust Shopping Habits
- Plan ahead and look for things that are on sale, use coupons or buy store brands to reduce costs.
- No matter where you go, stick to your shopping list to avoid impulse buys.
- Consider buying used or borrowing if possible.
- If you need to buy new, shop sales and don’t pay full price.
- If you buy a new car, choose one that's fuel-efficient without a lot of costly options.
Save For The Future
- Prepare for the unexpected. If you don't have an emergency fund, that should be your first savings goal. We recommend having enough in your savings to cover at least three to six months' worth of living expenses.
- Set goals. Think about what you might want to save for—both in the short term (one to three years) and the long term (four or more years).
- Make it challenging by putting your newfound savings into an account where you can earn interest and try not to touch it until you reach your savings goal.
- Start now! Saving for the future should stay in the forefront of your mind, and your finances, regardless of whatever else comes around.
Once you get to where your savings are starting to make a noticeable difference, give yourself the occasional treat, such as a night out. You’ll deserve it for making saving a part of your daily routine!
We're here to help
Wherever you are on your financial journey, we have experts that are available to help guide you along the way. Our team is dedicated to offering the best in customer service, plus, you can call or chat with us anytime, day or night! So, don’t hesitate to give us a call at 616.559.7000 or stop by your local branch.
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