How to Save Your Money in 2023
For many, saving money is an important New Year’s resolution after the year we had in 2022. Saving your hard-earned cash is crucial for unpredictable times, so our dedicated team has composed some great tips for making smart financial decisions in 2023!
Establish an emergency fund. Whether it’s a separate savings account or a jar on your counter, add a certain amount of every paycheck into this fund -- and don’t touch it -- until you need to. You never know when your car will break down or when you’ll need to repair a home appliance.
Sit down and create a budget for yourself. Make a list of all of your monthly expenses so you have a written idea of how much you need to spend each month. This visualization will help you to be self-aware of your spending habits. Include things like rent, utilities, insurance, car payments, credit card bills, groceries, and gas. (Here’s another tip: there are many budgeting apps available for free! Check out your app store to see what’s available.)
Start small. You don’t need to be putting away 50% of your paycheck every pay period. Start with $25 or $50 and ease your way up to larger amounts once you realize what you can afford to put away each time. Smaller goals tend to be more successful because they’re less overwhelming!
Utilize the 24-Hour rule. Don’t allow yourself to make impulse purchases. For non-essential items, give yourself 24 hours to think about if you really need the item. If the time passes and you do think you need it, then you can revisit that purchase with a clear mind.
Start a change jar. Sometimes we don’t realize how much money we’ve accumulated in nickels! Create an easy-to-access jar that you can throw your extra coins in. When it’s full, take it to a coin return and exchange it for cash...and put that cash right back into your savings!
Open an automatic savings account. At NRFCU, we offer a great product to help you save without even realizing it. Swipe & Save is an automatic savings account that takes each purchase made with your debit MasterCard and rounds it up to the nearest dollar. This difference is then deposited into a savings account, where you earn 10% APY**! You might as well make interest off of the money you save, right? Learn more about this account here.
We hope that these tips help you to create a comfortable financial situation for yourself in 2023! If you ever need assistance with saving your money, our staff is here to guide you onto the right path. Give us a call anytime to discuss your finances!