If you have a personal savings account, you’ve taken the first step—you realize the need for saving money. Whether you’re saving for a vacation, for a new car or even for potential challenges your future may throw at you, you know that saving money can be tricky. So, how do you find money to put away into a savings account when you feel like you’re already spending everything you have? We’ve put together a few ideas that might help.
Top Personal Savings Tips
Can the coffee.
Each cup of coffee from your local barista costs around $4 (or more). In fact, if you can skip that one cup of coffee a day, you’ll end up saving over $1400 in a year. That’s a lot of cash, and could easily cover two round-trip, airfare tickets for a vacation.
Stuck on the coffee? How about lunch? By saving $10 every week day instead of spending it on fast food , you could easily stash another $2600 in your SC Telco account over the course of a year. That’s no small change.
Another household item that many be considered “non-essential” is the cable bill. If you pay $150 on your cable bill, you can quickly save another $1,800 per year by cutting it off. With so many streaming services available for a low monthly fee, cable is a service that many people don’t even miss.
Consider the car payment.
Sure, we all want the newest model or a bigger car to run around town in, but is it really a necessity? If not, and if you can shave $200 off your monthly car payment (there are a lot of ways to do this), you can save around $2,400 for the year. For a car with a 60-month repayment plan, that’s around $12,000, and that kind of cash is nothing to sniff at.
Ultimately, saving money is about more than just trimming spending. It’s about investing in yourself and in your future so you can improve your financial well-being—something we’re passionate about at SC Telco. Our goal is to see all of our members thrive. Come talk to us today to learn more about how we can help you grow your personal savings.