Considering saving more money was the fourth most popular New Year’s resolution for 2023, you might be looking for the best ways to grow your savings in the new year.
The great thing about saving money is that there are so many ways to accomplish your goals, ranging from major life changes to the smallest habits.
And if you have a savings account with us, you automatically receive access to one of our experienced Personal Bankers who can help you build a savings plan for your unique financial goals.
We wanted to introduce you to some of our bankers, and we figured we’d take this opportunity to have them share their favorite small ways to save big. Here’s what they had to say.
Francesca Anderson: Treat your savings like a bill
“To help you save, you need to learn how to pay yourself,” said Francesca, a Personal Banker at our 57th Street branch.
Francesca recommends treating your savings account like a bill or required payment, such as a rent check or utility bill.
However, she adds that this payment doesn’t necessarily need to be as large as your typical bill.
“Even an amount as small as $25 from each paycheck can make a big difference,” said Francesca.
And, to make saving feel less painful than paying the bills, it’s important to have a goal in mind — like a vacation or a down payment for a house. That way, you’ll feel rewarded for saving when you accomplish your goals.
Will Mertz: Set up direct deposit
Will’s favorite way to save is a one-and-done: he has direct deposits set up from his paycheck, so every time he gets paid, a percentage goes straight to his savings account.
“Saving is about mind over matter,” said Will, a Personal Banker at our Downtown branch, “and it can be harder to save when you’re doing it manually, like regularly transferring money from your checking account.”
You can work with your employer to set up direct deposits, and the percentage you contribute from each paycheck is up to you.
“How much you should contribute really depends on your financial situation and goals,” said Will. “But don’t be saving too much that you don’t have money left in your budget to have fun.”
He adds that it’s important to still budget for some non-essentials because associating saving with not having fun will make you not want to save at all.
Jessica Ostwald: Cut down on unnecessary purchases
Jessica is a Personal Banker at our Baltic branch, and she likes to make saving a family activity.
“Meal plan together, shop as a family, and cook together,” said Jessica. “If you make a list of the items you need and hold each other accountable, you’ll be less likely to make unnecessary purchases at the grocery store.”
Some alternative methods Jessica uses to reduce unnecessary purchases are paying for gas at the pump, so you aren’t tempted to buy convenience items, and packing a cooler when you travel rather than eating out.
Shawna Rothwell: Re-evaluate your spending
“Look at what you’re spending and on what,” said Shawna, a Personal Banker at our Western Mall branch. “Re-evaluate where your money goes, and you might be surprised where you can save by eliminating something or cutting back.”
If you don’t already have a budget in place to track your spending, try plugging your purchases into a spreadsheet and categorizing them by type — or find an app that does this for you.
You might discover that you’re spending too much money on takeout and could cut back by cooking at home instead. Or, maybe you’re subscribed to multiple streaming services when you really only use a couple of them.
Shawna and any of our other Personal Bankers would also be happy to help you evaluate your purchases and find ways to cut back!
Personal Banking team: Save your small bills and loose change
The fifth tip to grow your savings comes on behalf of our Personal Banking team. They recommend saving your small bills — like $1 or $5 — and loose change any time you make a cash transaction.
This small money can add up fast, and we can help you deposit it into your savings account whenever you’d like.