Never Been Able to Save Before? Here's How to Get Started

October 22, 2020

It’s possible for anyone to begin saving money no matter where you are on your financial journey. Sometimes all it takes is that first step to get things started. Here are some suggestions on how to kick off your savings strategy.
Simple ways to get started 
Here are some easy steps you can take right away to begin saving:
  • Check monthly fees. If you’re paying a monthly fee for your checking or savings account, look for another financial institution that charges lower fees, or better yet, no fees. 
  • Put your credit cards aside. If you have a habit of overspending with credit cards, take them out of your wallet and put them somewhere safe.
  • Use the 30-day rule. Waiting 30 days to decide on a purchase is a great way to avoid spending money on items you really don’t want or need.
Other ways to save
With a little time and investment, you can save even more. Here are some ideas:
  • When you can, buy used – whether for you or your house, buying gently used items can save you a lot of money
  • Use a programmable thermostat – save on utility costs by not using as much energy when you’re at work or asleep
  • Plan your meals – look for grocery store sales, then plan recipes based on those ingredients and what you have on hand
Tips to reduce debt
One way to reduce debt is to apply the avalanche method to your debt. It works like this: Start by paying more on your debt with the highest interest rate. Once that is paid off, focus on the next highest rate, and so on until your debt is paid.
Another idea is to consider refinancing your car or home loan for a lower interest rate, if you have good credit. This can save you hundreds of dollars over the life of the loan. 
MSUFCU has low-interest rate loans and high-earning savings products, such as our Savings BuilderSM account, and knowledgeable employees to help you identify the products and services that will help you achieve your goals. 
While it may be challenging to get started saving, once you are in the habit, you may find it to be easier than expected. Make it simple by setting a savings goal and next, automatically transfer a set amount of funds to your savings account each time you get paid. Then, watch your savings grow!

Tags: Savings, Money Management, Tips and Tricks