A mindset for saving money

Saving money is rewarding. It can provide a sense of security or allow you to pay for something special in the future.

Spending habits can often get in the way of your savings plan. Here are four tips to overcome spending habits and get into the mindset for saving your money.

Simplify your goals

Let’s say you’re saving for a down payment on a new car, a vacation, and a new laptop all at the same time. Three separate goals for $2,000, $1,500 and $1,000 can feel overwhelming, especially if you’re approaching them one at a time.

One goal of $4,500 could feel more achievable. You may subconsciously be willing to save more each month for one goal instead of three.

Turn off “rapid checkout”

Many online retailers boast quick checkout options that allow you to make purchases with little to no thought. They already have your payment information and shipping address on file from your last purchase. So with one click, the item is already on its way to your doorstep.

Try to resist using “rapid checkouts” or “one-click ordering” features. If you go through the process of adding the items to your cart and seeing your total price rise, you may be more likely to prioritize items and save some for later.

Better yet, try to limit your online shopping time and consider finding items you want to purchase in a local store. This will give you more time to think about how much you want or need the item.

Don’t touch your savings

If you try to save your money in your checking account or a savings account connected to your checking account, it can be easy to spend that money on an impulse purchase. Try saving your money in an account where it is less accessible.

A few options can be to invest in stocks or bonds through a brokerage, or to save your money in Certificates of Deposit (CDs). In a CD, you set your money aside for a set period of time and earn a higher interest rate than a standard savings account. Withdrawing that money before the term ends usually results in fees, so you will feel motivated to keep it in the account and let it grow.

Monitor your growth

Saving money takes time. The short-term benefits don’t make us feel as good as spending money does. But if you monitor your savings and watch your balance grow over the years, it will feel more satisfying. Keep your eye on your account and celebrate each small milestone.

Start planning for your savings

If you’re ready to make a savings plan, our community inclusion department would love to meet with you. We can go over your budget, discuss your spending habits, and help you develop a plan to save for what’s important in your life. Fill out the form below and we’ll be in touch to schedule a free one-on-one appointment.