National Savings Day
According to National Today (nationaltoday.com), “Our relationship with money is so important because it affects almost every decision we make”. At United Bank & Trust, saving is something we want to help you succeed in. Throughout this article we will discuss why National Savings Day is important and ways you can save.
Why National Savings Day is Important
1.Saving is a habit
Just like exercise, to get the best out of saving you have to cultivate positive habits. That might mean changing negative behaviors like shopping to excess or making spontaneous purchases in the checkout line. You improve your saving habit the more you save. Committing to saving more money means having the resolve to analyze your spending habits, making the change, and then regularly following through over your lifetime.
2.Saving stretches your budget
If you get into the habit of regularly making a budget and sticking to it, saving will be your best friend. Having a budget means you are working within your means to help you reach monthly, daily, or weekly goals. When you develop and follow a budget, you also have better control over your life. Having more control has additional benefits of lowering your stress level and increasing your joy.
3.Saving helps you prepare for emergencies
Stuff happens. We're living in uncertain times — so it pays to be ready while life is stable. Try to keep between $500 and $1,000 in the bank just in case. Automatically having money deposited into a savings account on payday makes your emergency fund easy to manage whether you're a high roller or on a tight budget.”
Five Ways to Save
1. Use envelopes
Old-school tip: Put cash for certain everyday expenses inside an envelope so you'll know exactly how much money you have left to spend.
2. Save loose change
Update the piggy bank concept by putting whatever spare change you have into a jar and watch how it grows.
3. Participate in the employer match program
If you work at a company with a 401(k), try to contribute enough to obtain the most matched contribution from your employer.
4. Pay your bills with auto-pay
Auto-pay is a great way to handle those monthly bills without the pain of pulling the money directly out of your pocket.
5. Unsubscribe from shopping emails
Avoid the financial hassles associated with too much shopping by simply unsubscribing from your favorite stores' emails.
To learn more savings tips or more about our savings accounts, contact one of our Personal Bankers at 641-753-5900.
Source: Carper, T. (2021, June 16). National Savings Day - October 12. National Today. Retrieved October 12, 2022, from https://nationaltoday.com/national-savings-day/