Set savings goals
One of the best ways to save money is by visualizing what you are saving for. If you need motivation, set savings goals with a timeline to facilitate savings. Want to buy a home in three years with a 20 percent down payment? You now have a goal, and you know how much you will have to save to reach your goal. Use Regions Savings Calculators to reach your goal!
Pay yourself first
Set up an automatic debit from your checking account to your savings account each payday. Don’t be fooled by a healthy long-term savings plan, whether it’s $ 50 every two weeks or $ 500.
Stop smoking
No, it’s not really easy to quit smoking, but if you smoke a pack and a half a day, it means about $ 3,000 a year that you could save if you quit. According to the Centers for Disease Control and Prevention, the percentage of Americans who smoke cigarettes is now below 20 percent for the first time since at least the mid-1960s – join the club!
Take a vacation at home.
Although it may sound biased, the idea behind it is solid: Instead of spending several thousand on plane tickets, look out over your own backyard for a fun vacation close to home. If you can’t drive, look for cheap flights in your region.
Spend to save
Let’s face it, it is unusual for electricity costs to drop over time, so take charge now and heat your home. Call your electric company and request an energy audit or find a certified contractor who can perform an energy use review for your entire home. This can mean anything from simple upgrades like sealing windows and doors to installing new insulation, siding or appliances, and high-efficiency ENERGY STAR products. You can save a lot of money on electricity costs over time.
Savings in electricity
By lowering the thermostat on your water heater by 10 ° F, you can save 3 to 5 percent on energy costs. And installing an on-demand or tankless water heater can save up to 30 percent compared to a standard storage-tank water heater.
Pack your lunch
An obvious tip for saving money is to find everyday savings. If buying lunch at work costs $ 7, but taking it from home is only $ 2, over a year, you can create an emergency fund of $ 1,250 or make a significant contribution to a college or retirement fund.
Create an interest-bearing account
For most of us, having savings separate from our checking account can help reduce the tendency to withdraw funds from those savings from time to time. If your goals are longer-term, consider products with higher rates of return, such as a Regions CD or a Regions Money Market account, for even more significant savings.
Set amounts for recreational purposes
When we want to use the money for fun, we can be tempted to overspend. One way to avoid this is by setting an amount in your personal budget for this purpose. That way, we won’t make it over a month.
Don’t use a credit card
The credit card charges high interest. Therefore, it is better to avoid its use if you intend to save. Avoid the temptation to wear it when you go out with friends or shopping as it can give you the feeling that you have more money than you really have. This tip is one of the best ways to save money.
Pay your debts on time
That way, you will avoid being charged penalties for late payments. Keep this in mind, especially when it comes to credit cards or loans since the interest rate is usually high. Also, late payments will affect your credit history.
Prepare an emergency fund
An emergency fund is a fund separate from your savings. This will work if you have to pay the expenses of a medical emergency or unemployment. As in the case of savings, you can start setting a monthly amount of 10% of your salary. Ideally, the emergency fund should be between three to six months, the sum of your regular expenses.