Eliminate Your Bad Savings Habits in 2017

So 2016 didn’t go as well as you had hoped it would in the “savings” department. But that doesn’t mean 2017 has to be a disappointment financially for you, too. All you need to do is focus on turning your bad habits into good ones for the new year.

Up Your Savings Game

First, you need to change your way of thinking. For most people, they think earning more money is the only way to be able to save more. This is just not the case. Stop waiting to make more money before you start saving. Instead, you need to save with what you make now.

Start small. Right now, you’re probably not saving anything—correct? This has to change ASAP! Choose a small amount per paycheck and put that amount into a savings account that you can’t touch.

Also, revisit your budget. Or, if you don’t have a budget, now would be a good time to create one. If your budget doesn’t have a place for “savings,” it’s time to move some things around to ensure you are putting some money into that account each month. Are you spending too much on eating out? Aim to eat out only one to two days a week instead of five. Then, for the days you don’t eat out, put that money into your savings account. Are you smoking? Quit smoking and place the money you would have spent on cigarettes into your savings account. You’ll be amazed at how much you’ve saved, even at the six-month mark!

We offer a couple of savings account options, such as a Share Account and Christmas Club Account. Contact our office today to learn how CBCTFCU can assist you in improving your saving habits in the new year.