Small Beginnings: The Pathway to Major Financial Savings

You don’t have to have money set aside to start a savings account. After all, if you already have abundant cash reserves, an article about small ways to start saving money may not appeal to you. With the cost of living soaring and many households feeling the strain, saving anything may feel out of reach. We have good news—starting small can lead to major savings. Starting is the first step. Jeff Bezos said, “Big things start small.” At Casey State Bank, we agree! Read on to learn more about how you can start saving today!

Cut Spending and Save the Difference

Finding ways to cut spending can give you the boost you need to start saving. Start with your budget. Itemizing your income and expenses will help you see where you can cut spending on unnecessary expenses, like unused subscriptions. Other ideas include, shopping around for better rates on car insurance or mobile plans and meal planning to save on groceries. Once you find some ways to cut expenses, save the difference.

Set Specific Savings Goals

Setting specific savings goals by writing them down can help you achieve them. Savings goals may include:

• An emergency fund for unexpected expenses.
• Saving a certain amount each month.
• Incremental increases in savings over time.

Whatever goals you set, it is essential to write them down. People who write down their goals have a 33% higher success rate than those who do not.

Automate Your Saving

Automating your savings is a simple, set-it-and-forget-it way to build your savings account. Automation eliminates the chances of forgetting to set money aside. Here, at Casey State Bank, we offer ways for customers to set up automatic transfers from checking to savings, making saving a seamless part of your routine. You can set up transfers on a schedule and in increments that best suit your needs and finances, then make adjustments as needed.

Assign Purpose to Savings Accounts

Assigning purposes to your savings can help you see and use balances for specific purposes. In other words, you may need to use some of your savings for planned expenses like insurance premiums, new tires, or home maintenance projects, and some of your savings may be set aside for emergencies. Setting up multiple savings accounts will help you know how much you have set aside for different purposes, empowering you to save more and spend wisely. 

Choose the Right Savings Account

There are several types of savings account options, including deposit savings accounts, money market accounts, and certificates of deposit or CDs. Choosing the right account can expedite your savings based on interest-earning potential. The best account for you will depend on your financial goals. Our knowledgeable staff at Casey State Bank are ready to help you decide which account is right for you.

Optimize Retirement Savings

Retirement savings are a crucial part of your savings strategy. While retirement savings may seem daunting, this is another area where you can start small and potentially see big financial growth in the long term. Start with your employer to explore retirement savings options. Some employers offer matching contributions. Consider contributing regularly from each paycheck by choosing an amount that will not significantly impact your take-home pay. Another idea for retirement savings includes Traditional or Roth IRAs.

Casey State Bank

Even in challenging economic times, starting a saving plan is achievable. Small, manageable steps can lead to significant financial rewards. Every dollar is a dollar more towards meeting your savings goals. At Casey State Bank, we are committed to helping you find the best saving strategies to fit your unique circumstances. Contact us today to discover how our savings options can help you!