Establishing Good Saving Habits - United Community Bank (2024)

Pay yourself first

If you wait to see what's left over, you are less likely to save. Determine in advance how much money to deposit into a savings account each month. If you receive a raise, increase the amount of money deposited into your savings account. Remember...you are your most important investment!

Take advantage of technology

Consider automatic payroll deductions or automatic transfer from checking to savings. Arrange to have a specific amount transferred to your savings account every pay period. As little as $25 or $50 each week or each paycheck will add up quickly. Have a little extra one week? Before it burns a hole in your pocket, use online or mobile banking to transfer it to your savings account right away.

Pay your bills on time - and pay more than the minimum amount

Although most of Americans pay their bills on time, some find themselves paying late fees. Alleviate the hassle by scheduling time to pay bills and put them in the mail with enough time to get to the creditor. Better yet, use online bill pay to help you manage your bills and stay ahead of your due dates. In addition to preventing late fees, timely payments may also help you earn or keep a lower interest rate, or even avoid paying interest altogether.

Set financial goals

Goals help keep you on track. Set both short and long-term financial goals so you know you are saving for something important.

Determine needs versus wants

It's easy to make small purchases that can quickly drain your wallet. Before buying, ask yourself if it's a want or a need. For example: Do you need to eat out for lunch tomorrow? Do you need that gourmet cup of coffee in the morning? By bringing your lunch to work a couple of days a week and skipping the coffee shop and vending machine more often, you can easily save hundreds of dollars each year.

Consider investments

For long-term goals, such as saving for a home or retirement, consider adding bonds, mutual funds, real estate, or stocks to your plan. These investments often provide attractive returns over the long term, however there are no guarantees. When considering these types of investments, it's important to work with a trusted financial advisor.

Make it a family affair

Saving can be fun, especially when you work with your family to save together. Pick a savings goal everyone agrees on and help keep each other on track. You can have special contests and small prizes for weekly or monthly winners to make it fun for everyone.

Talk to us

Our representatives are eager to answer your questions. Ask which package of bank products and services would best suit your needs.

Establishing Good Saving Habits - United Community Bank (2024)

FAQs

Establishing Good Saving Habits - United Community Bank? ›

Focus on needs versus wants when you're trying to save. Set up automatic monthly transfers from checking to savings. Pay your bills on time. Shop around for financial services and consult with your local banker.

What is the 30 day rule? ›

The premise of the 30-day savings rule is straightforward: When faced with the temptation of an impulse purchase, wait 30 days before committing to the buy. During this time, take the opportunity to evaluate the necessity and impact of the purchase on your overall financial goals.

How to develop good saving habits? ›

  1. Pay yourself first. If you wait to see what income is left over after paying expenses, you are less likely to save. ...
  2. Take advantage of bank technology. ...
  3. Pay your bills on time and pay more than the minimum amount. ...
  4. Determine needs versus wants. ...
  5. Shop around. ...
  6. Consider investments. ...
  7. Consult your local bank.

How much of your income should you save every month? ›

At least 20% of your income should go towards savings. Meanwhile, another 50% (maximum) should go toward necessities, while 30% goes toward discretionary items.

What is the most effective strategy for personal savings? ›

A good idea would be to split your goals into short-term (e.g. emergency funds, down payments for a car) and long-term (e.g. college fund, retirement plan, house purchase). Your first goals should include urgent matters such as paying off your high-interest debts by paying them off one by one.

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