Start 2022 off Right with These Savings Tips
A new year is a great time for a money makeover. If you struggle with saving, or want to save even more than you do already, here are seven strategies worth implementing.
One of the simplest ways to avoid impulse purchases is to apply the 30-day rule. Like its name implies, this rule involves waiting a period of 30 days to decide on whether or not to make a purchase. Observing this rule each month is a great way to build a long-term habit of making delayed purchasing decisions.
Whether you’re grocery shopping or clothes shopping, an easy way to avoid unplanned purchases is to make a list. Make sure to stick to the list and turn a blind eye to anything not on it. This strategy will help you buy only the food and clothing you need, rather than splurging on junk food that you might not eat or trendy apparel that you might only wear a few times.
While having a night out with your partner or friends can be refreshing, it can be a pricey habit. Instead, opt for alternative entertainment and food at home. Try having a game or trivia night, or an appetizer potluck, with friends the next time you crave a get-together.
Pay down your debts
School loans and credit cards can have high interest rates that add up over time, so you may want to pay down those debts as soon as possible to maximize savings. If you’re not sure where to start, begin with the loans or accounts that have the highest interest rates.
Use automatic deposits
Put modern banking methods to use by setting up automatic deposits into your savings account, each time you get a paycheck. It’s an easy way to stay on track with your saving goals.
Make your own meals
Frequently eating out can take a toll on your savings. Instead, try cooking your own meals regularly, to reduce monthly food costs. You may also add budget-friendly dishes — like soup and pasta — into your meal plan, to save even more money.
Ask WashTrust! By applying these tips, you’re well on your way to a more lucrative new year — and building healthier financial habits that will pay off in the years to come. If you have more questions about how to save money, talk to a Washington Trust banker today or visit our savings account page here >>>
Contact a Trusted Advisor
For more information or to speak with one of our trusted advisors about your unique financial needs, contact us at 800-465-2265 or submit an online form.