Is It Time to Put Your Spending on a Diet?

One of the main resolutions people make after every New Year’s Eve celebration usually has something to do with finances—preferably saving. If your resolution was to save more money, how are you doing in meeting your yearly goal? Did you save the amount of money you aimed for? Or have you yet to save a dime? Start turning those bad spending habits into good saving habits starting today!

Time to Go on a Diet

While some people cut back on carbs, this diet is meant to help you cut back on spending more on your wants and, in turn, saving more.

Start by challenging yourself to meet a goal. Is there a certain amount of money you want to see in your emergency fund? Are you planning to buy a home by next year, but don’t have the down payment established yet? No matter what the goal is, set one so that you have motivation for when obstacles arise.

You also want to try and find a happy medium when it comes to saving and spending. To say you’re never going to eat out again or buy another piece of clothing is a bit unrealistic. Instead, trim your current spending habits down a bit. For instance, if you’re eating out five days a week, aim to only eat out one or two for the near future. If you’re buying a new outfit every weekend, start shopping in your own closet instead of spending all your money at a retail store.

In addition, keep your spending and savings funds in separate accounts. If you see it, you’ll have more temptation to spend it. Open checking and savings accounts so that you can have a home for your money.

Are you ready to start saving more money than you’re spending? Contact us today to learn more about opening a Share Account!