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Six Ways to Help You Save More This Year

03.23.2021

Saving money is a critical part of any financial strategy – whether building an emergency fund or saving for your future retirement. And while some may think they can’t save money, the reality is that everyone can save. By following these tips, you’ll learn ways to save money that you may not have imagined:

  1. Monitor your budget. Once you design a reasonable budget, you’ll need to track where you stand monthly. Take a look at how much you’re spending, where you may be able to cut expenses and how you may add income each month. Make adjustments where needed to try to save as much money as possible.
  2. Set up automatic deposits to your accounts. Many financial experts recommend saving 20% of your income each month. For some, this may seem to be an impossible task – especially if you’re living paycheck-to-paycheck. So if 20% is a little high for your budget, start with what you can afford. Even if your budget only allows $20 a paycheck, that’s better than nothing – and you won’t ever see it if you automatically transfer your funds to a savings account. Using Pinnacle Bank’s Systematic Saver is a great way to build your savings each month.
  3. Negotiate better deals for services used. Your monthly bills can add up, so review your recurring bills to see where you can make changes – cell phone, streaming services, subscriptions and more. For example, contact your cell phone provider and ask what specials are available. If you can’t negotiate a better deal, shop around. Spending $50 less on recurring monthly bills can add up over time and allow you to save more money in the end.
  4. Use gift cards and points to purchase essential items. Instead of spending your birthday gift card on something you really want, maybe reconsider and spend it on something you need. For example, use cashback rewards to pay for groceries or use gift cards to purchase essential items you need at home. And never allow your loyalty points or other perks to expire. Take advantage of the free money you can spend on the things you need. Check out these benefits of a Pinnacle Bank MasterCard®.
  5. Eat at home more often. When you cook most of your weekly meals, you’ll save hundreds of dollars each month and you’ll likely eat healthier as well.
  6. Use coupons and buy items on sale. Coupons may sound “old school,” but they can still save you money and that never goes out of style. You should always have a supply of easy-to-prepare items on hand to help in any emergency. It’s never a bad thing to keep your pantry stocked with the stuff you need.

Saving money is a commitment, but you can do it. As you start to achieve some of your savings goals, you’ll begin to see how easy it is – and it will become a habit. You’ll then experience the true financial freedom you desire.

To learn more about how we can help you save at Pinnacle Bank click here, or call 877-759-7939. We’re here to help you achieve your financial goals.

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