Many of us set a goal to save more money, but it can be difficult to stick to a solid savings plan. In fact, Bankrate reported last year that one-fifth of Americans weren’t saving money at all.
America Saves Week, which runs from Feb. 25 to March 2, is a great time to prioritize savings and build stronger habits.
Don’t let the thought of where to start detract from taking the first step. With the right planning, saving money can be simple. Check out these four tips on how to boost your savings:
Do some digging
Figuring out how much money you’re spending, and what you’re spending it on, is a great place to start. Map out your budget with tools like Axiom Bank’s AxiomGO mobile app. The app allows you to organize your expenses, making it easier to see where you can save.
One of the key steps to improving your savings account is setting a dollar figure. Once you’ve got your budget in place and have a good grip on how much you’re spending, you can determine how much you can save. Whether it’s eating out less so you can put that money in a nest egg, or simply organizing your funds to jumpstart your plan, tools like AxiomGO can help. The My $ Manager function lets you plug in targeted financial ambitions and set your savings intentions.
Goals, like saving for a house, college or family vacation, are important, but they’re only as good as their feasibility. When setting savings targets, be realistic with how much you can put away. It’s all right to start small and gradually build the amount going into the bank. Don’t get discouraged; it takes time to establish new habits.
Once you’ve got all your objectives in place and money in your savings account, keep track of how you’re doing. Stay accountable by keeping tabs on the funds you have accumulated in comparison to what you had planned. Whether it’s putting aside a certain amount of money each month or simply cutting back on other expenses, you’re becoming more financially savvy. Be sure to take advantage of monitoring tools, like My $ Manager, so you can review your customized economic reports on where you spent and how well you saved.
Photo Credits: Axiom Bank