Top Money Saving Habits

Money Smart week is upon us and Savers Bank wants to help you make the right decisions with your spending. We understand that changing your habits takes time so taking small steps toward creating a budget will help build your savings over time.

Habit 1: Prioritize Your Spending

Every person and family is different; steps that others take to cut costs may not be right for you or your family. Here are a few money savings tips.

• Review your cable bill and determine if you are paying for channel packages that you don’t watch. Did you receive some free premium channels when you initially signed up, but didn’t notice that the promotion ended and now you’re being charged?
• Do you subscribe to magazines that you find you’re no longer reading?
• How about that morning coffee? A $2 coffee each morning may not seem like much at the time but $40 a month (or $480 a year) in your savings account could easily cover the unexpected small car repair or vet bill.

Habit 2: Share Your Money Savings Tips

Look for blogs that share money saving tips and tricks, you never know what great ideas you can find when you are among others who understand and appreciate your goals.

Habit 3: Get Your Spouse and Kids on Board

Making decisions as a family will make the change so much easier. If everyone pitches in and does their part, they’ll be able to share in the triumphs later.

Habit 4: Remember, It’s Not a Race

Making too many changes too quickly almost never ends well, especially if the cost-cutting is affecting other members of your family. Make changes slowly and watch the savings add up!

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