Looking for money saving ideas in 2018? Whether you’re trying to build better habits and made a financial resolution to start saving money in the new year or you want to save for a vacation or big purchase, we’re here to help you get started.
If you’ve ever tried to build up a habit, like going to the gym regularly or eating better, you know that if you start too big you can burn out quickly. Many self-help books cite that it takes 21 days to form a new habit, but more recent studies indicate that it could take several months. At Santander Bank, we want to help you meet your goals, so we’re challenging you to start small.
How to Save $1,000
When you have a lot of student loan debt or you’re just starting out at a new job in an expensive city, saving money can seem unachievable. But to save $1,000 this year, you only need to save $2.74 a day. Sounds a lot more achievable, right? Think of all the ways you could take $2.74 out of your daily budget. It could be brewing coffee at home rather than stopping at a coffee shop, packing leftovers once or twice a week, or carpooling with a coworker to save on gas.
Ready to join us? Here are 3 tips to help you get started.
Our Top 3 Money-Saving Tips
1. SPLIT UP THE $1,000 HOWEVER IT MAKES SENSE FOR YOU
You’re going to have better luck sticking to your new savings habit if you don’t try to force too much change. So adjust the plan to work with you! It might not make sense for you to try to save $2.74 a day – it could be easier to meet the challenge by saving $19.18 out of your weekly budget. Or, pay yourself first once a month from your paycheck and put $83.33 directly into your savings account. Daily, weekly, or monthly – in the end it’s about achieving a goal.
2. TRADE YOUR CHANGE JAR FOR AN INTEREST-BEARING ACCOUNT
Want to get the most out of your hard-earned savings? Put your money in a savings account. Jars of change on a kitchen counter might be a good visual reminder to put aside extra money every day, but they aren’t earning you any interest! Using a savings account will help you exceed your goal of saving $1,000 this year if you stick to it, and it will help keep your money safe. Plus, if you’re trying to build a permanent habit, it’s good to introduce an interest-bearing account early on. Still need a visual reminder? Write your goals on a calendar, make it your desktop background, or print it out and hang it up to stay motivated.
Don’t have a savings account or not sure you’re receiving a competitive interest rate? Compare savings accounts from Santander Bank.
You don’t have to do this on your own! There are a variety of tools available designed to help you save. You could download apps to help you keep track of your goal, or even set weekly or monthly reminders to ensure you make a transfer to your savings account.
But why even introduce the opportunity to forget? With Santander’s Auto Save feature, you can set up a recurring time to transfer a customized dollar amount from your checking account to a savings account. Setting up Auto Save is easy and only takes a few minutes on a mobile device or computer. Even better? You get to decide when the transfers are made – it could be daily, weekly, or monthly – just like Step 1!
Learn how to set up Auto Save.
Wherever you are in life, we want to challenge you to build a great savings habit this year. Start small and save smart – it’s a great way to get your finances on track. Let us know how you’re progressing on Twitter or Facebook, and visit throughout the year for additional money-saving tips. We’ll be there to cheer you on!