Take Control of Your Money
6 Tips to Boost Your Savings
Posted on January 2, 2013
A healthy savings account balance gives you and your family an effective buffer against the economy’s — and life’s — ups and downs. Try these following steps to maintain and build your savings:
- Budget. Track expenses to find out where your money goes. Adding up the yearly cost of some habits ($15 a week at the coffee shop is $780 a year for caffeinated treats) can give you perspective on where you can cut back.
- Save first. An automatic transfer from checking to savings every month ensures that money is set aside before it can be spent. Even small amounts will add up over time, and it can always be accessed in case of an emergency.
- Avoid late fees. Automatic bill pay can help you avoid paying the price for late payments, and online banking allows you to keep tabs on your balance so you don’t end up with overdraft charges.
- Quell impulse spending. Impose a waiting period for purchases over a certain dollar amount. A 48-hour wait helps you distinguish between a passing whim and a sound purchase.
- Pay off debt. Pay your credit card balance every month to avoid the added expense of accrued interest. If your debt is large, consolidate and make paying it off a top priority.
- Don’t keep up with the Joneses. Fancy vehicles and lavish vacations are no proof of financial health. Build your lifestyle on the bedrock of spending what you can afford and saving for purchases that are currently out of reach.
To learn more about savings accounts, automatic bill pay, online banking and other financial services offered through Chemical Bank, contact our Customer Care Center at 800.867.9757 or visit ChemicalBankMI.com.