With summer winding down, it’s a great time to reflect on your financial goals and boost your savings. Whether you’re saving for a vacation, preparing for upcoming expenses or building a nest egg, implementing smart strategies now can set you up for financial success. Let’s take a look at some saving tips to help supercharge your savings.
Make saving easy with an Arizona Financial Savings Account. Plus, you can open up to 10 savings accounts to help you organize and reach your savings goals.
Review and adjust your budget
Take a close look at your budget and assess your spending habits. Identify areas where you can cut back or find more affordable alternatives. Consider trimming non-essential expenses like dining out, unused or unnecessary subscriptions and impulse purchases. Allocate your saved funds toward your short- and long-term savings goals.
With the new season approaching, plan your budget accordingly, accounting for upcoming expenses, like cold-weather wardrobe essentials, increased heating costs and school supplies, as necessary.
Optimize your energy usage
As temperatures begin to gradually cool off, it’s a good time to ensure you’re optimizing your energy consumption. Utilize natural light whenever possible. If you haven’t already made the switch, change to energy-efficient LED bulbs. Unplug electronics when not in use to minimize vampire energy usage and consider investing in smart power strips that cut power to idle devices. These small changes can lead to big energy bill savings, leaving you with extra cash to put into savings.
Take advantage of end-of-season sales
The turn of a season is a good time to check out end-of-season sales. If you’ve been eyeing a new set of patio furniture, or you’ve been drooling over a new grill, this is the time to buy without draining your wallet. As summer winds down, look for discounted warm-weather clothing, outdoor furniture and equipment, gardening tools and more. You can enjoy these steals for the rest of the season or put them away for next year. Stocking up on essentials for less – will free up more of your cash for savings.
Take a financial fast
Keep one weekend or longer, completely spend-free. You can check community calendars for free events, like concerts or free movie screenings. Meals are whatever you can throw together using the contents of your fridge, freezer and pantry. Activities can include visiting local parks, hitting a scenic trail, or an organized game night with friends.
Automate your savings
Consider automating your savings to make it super-easy.
Set up an automatic monthly transfer from your checking account to a designated savings account This way, a portion of your income will automatically be set aside for savings without any actual effort on your part.
If your employer offers direct deposit, split your paycheck so a portion goes directly into your savings account. By automating your savings, you’ll be less tempted to spend that money, and it will steadily grow over time.
