A hefty savings account is essential to maintaining financial health. However, saving money is easier said than done. It sometimes takes a backseat to paying bills and caring for your family.
Everyone’s financial situation is different, but it’s in everyone’s best interest to prioritize saving, whether you can save a little or a lot.
We’re here to show you how to pay yourself first and how to do it every payday!
Automate, Automate, Automate
You’re probably wondering how to pay yourself first when you have so many bills.
Take advantage of your financial apps, like MyPelican, that allow you to transfer money into your savings account automatically! Doing so will enable you to move money to your savings seamlessly. Once your tax withholdings, insurance, and other contributions are deducted from your paycheck, your savings account should receive money from what’s left over (your net pay).
Treat It Like a Bill
Think of your savings account as a regular bill that you must pay every month.
Your rent or electric bill is a necessity, a survival expense. So are your savings. Having money set aside to cover unexpected costs or combat inflation down the line is the key to keeping your finances on track. A healthy savings account prevents you from taking out new loans or charging credit cards to cover expenses, which only increases debt and monthly payments.
Save In Other Areas
As you work through your budget and set aside funds for dining out and having fun, consider where you can cut and save money.
One way to save is by couponing! Coupons are a perfect way to cut expenses and save money while enjoying dining out and having fun. You can find dining and entertainment coupons on websites like Groupon. Restaurants and stores like Chick-fil-A, McDonald’s, Family Dollar, and Walgreens offer digital coupons through their apps. Fast food restaurants also mail paper coupons periodically.
The goal of saving is to be instructive with our money, not restrictive. We tell our money where to go through our fixed and variable expenses.
Having a savings account is an essential component of being financially well. Setting aside money prepares you for unexpected costs and emergencies. Knowing that our finances are healthy can help us experience less financial stress.
Suppose you need further help with budgeting and savings. In that case, Pelican State Credit Union has a team of dedicated and certified credit counselors who can help you achieve financial well-being through one-on-one sessions and more!
Deeply intrigued with all things finance and credit-related. Have a passion for sharing knowledge and financial education. Addicted to cake. Huge fan of Team Johnson, my family.
