It often seems that saving money is almost impossible. Unexpected expenses or the temptation of some item or event can make even the best plans unsuccessful. Yet, having a financial cushion is one of the most important things you can do to feel financially secure.
Having a financial “reserve” can provide some financial peace of mind. While saving is not always easy, here are five simple practices that can make the process less difficult:
Many companies offer employees the opportunity to defer income into a 401(k) plan and will also help with a matching contribution of some level.
If you transfer a set amount from your checking account into a savings account each month, you will come to view that amount as a regular "expense" and may not even notice it is gone from your checking account. Over time, it will add up and that account will probably pay a higher interest rate than your checking account. You can also use a similar type program to have an amount automatically deducted from your paycheck and deposited into a savings account.
If you are paying interest on credit cards or some other loan that has a high interest rate, find a way to pay it off. Interest rates in the teens make it hard to get ahead of the minimum monthly payment required. You might also consider finding another credit card with a lower interest rate.
As much as you may look forward to a lovely trip, consider staying home, visiting relatives or going someplace less expensive.
A less expensive place to live, even temporarily, can help you save some money quickly.
Saving money is usually a case of self-discipline. It may be hard, but having a savings cushion can provide financial peace of mind and a source of funds if you need them. Woodforest offers a variety of savings accounts including our Sweep Savings Plus account. To find out which of these accounts may fit your needs please review our savings accounts or speak to a retail banker.
You can easily set up automatic transfers to your savings account through Online Services. You can set the frequency, date, number of transfers and amount.
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