Save, save, save. It’s one of the most timeless pieces of financial wisdom. Even if you have a deep understanding of the importance of saving money, it can be hard to get started on the right track and sometimes even harder to stay on track. Read on for 3 simple tools that will help you start building up your savings today.
Save Towards a Goal
One of the most challenging aspects of saving your money is avoiding the temptation to spend it, especially as your balance begins to grow. When your motivation to save waivers, it helps to have a clear goal in mind to remind you what you’re saving for. Remembering the why behind your careful spending can make all the difference in your bank account. Be sure to write down your goal or save a photo of it to your phone. Do whatever works to remind yourself that ultimately you will thank yourself later for staying disciplined today.
Watch Your Account Grow
Looking for motivation to save? Check in on your savings weekly and remind yourself of the progress you’re making. The best way to do this is to check in through your SVB Mobile app at the same time each day and take a look at your savings. It may not change day to day, but when you do add money to your account it can be rewarding to watch the balance increase.
Monitor Your Spending
You can use the SVB Mobile app for more than just glancing at your savings balance each day. Along with following a budget (if you haven’t already, learn how you can build a budget here) the app is a great tool for monitoring your spending and making sure that you’re only spending what you want to so you can continue to save what you need to. Within the app, go to your recent transactions each day and check to see if all your spending aligns with your savings goal. If not, then you can make the changes you need to in your day to day to get back on track.
Keep it Simple & Stay Consistent
Stacking up your savings account doesn’t have to be complex. By following the 3 simple strategies above you will be well on your way to learning how to hit your savings goals every time. The key is to not get discouraged if you slip up, this happens to even the best savers. Acknowledge your mistake, forgive yourself, and move forward. Know that if you consistently work towards saving more efficiently and making smart spending choices you will get to enjoy the rewards of saving your money.
School Spirit.
Show your pride.
Show your pride and take your school spirit further with Sauk Valley Bank’s School Spirit Debit Cards. Now, you can give back with every swipe. The more you shop with your High School Debit Card, the more your school earns!†
