Whether saving for car repairs, retirement, vacation or the summer power bill, CresCom Bank has easy tips to introduce it into your daily routine to help maximize personal savings.
Adults should focus on everyday expenditures that can be reduced, such as avoiding pricy lunches or gourmet coffee that can add up. As an alternative, individuals should set a personal goal for bringing lunch and home-brewed coffee to work each week. The average adult can save $30 to $50 per week by doing just this. That savings can then, in turn, be invested monthly into a money market account, statement savings account or CD.
Individuals may also be able to reduce monthly heating and cooling costs for the home by keeping the thermostat at most energy providers’ recommended temperature for optimal energy consumption: that’s 78 degrees or higher during warmer months and 68 degrees or lower during cooler months. Individuals should also adjust the thermostat when they are away from home or traveling to combat extra charges. Just a 1-degree difference can save a homeowner approximately 2 percent on their next energy bill. Individuals can also learn how to read their meter to determine how much energy is being consumed during set periods of the month. This will help avoid surprise charges at the end of a billing cycle. Homeowners can find additional information about energy-saving solutions through their energy provider. Once these savings can be assessed, individuals can turn this amount into a regular monthly money market account or statement savings account deposit.
Whether grocery shopping for a family of four or just for one, it’s important to look for savings. Individuals can clip coupons on Sundays and visit popular online coupon sites that offer visitors free coupons that can be printed right at home. Combined with grocery store specials, coupons can help individuals reach monthly savings goals. One trick is to tally up each week how much is saved by using coupons at the grocery store; then commit to allotting this dollar amount to a money market account or statement savings account at the month’s end and watch the coupons translate into cash.
It’s also valuable to teach children about the importance of saving early. CresCom Bank recommends starting a Young Savers savings account that allows children to earn interest on savings of $25 or more. This allows children to regularly deposit a portion of their allowance or birthday money into the account and track progress as it earns interest each month. Encourage children to commit to depositing $5 or $10 a month to this account each month to teach fiscal responsibility. And remember, there are always stray quarters and dimes to be found in the living room couch or family automobile, so they can enjoy this treasure hunt while adding to their savings, too!