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St. Anne's Provides Tips During America Saves Week

This week is "America Saves Week." It is an annual opportunity for current households to review spending habits and identify good saving behavior that can help reduce debt and build wealth. Many people find if challenging to make saving a habit, and America Saves Week invites you to change your money mentality and become more confident with your money management by adopting new tactics into your daily routine. Below, we've outlined some simple tips and suggestions to help you get in the money-saving mindset and make saving a habit.

  1. Withdraw Disposable Cash Once a Week: Limit yourself to only spend the cash you have on hand, this way you’re prevented from overspending and making impulse purchases, allowing you to focus on the necessities. Physically seeing how your money is being distributed, as opposed to invisible digital cash with debit and credit cards, provides the added opportunity to help you understand your spending behaviors and identify areas you can save.
  2. Cancel Cable & Share Subscriptions: Cable is no longer considered a necessary expense, with many streaming video services available, such as Netflix or Hulu offering more customization and lower prices. Most of these streaming services offer multiple screens, which allow you to share subscriptions with family and friends and in turn split the cost.
  3. Pay for Your Bad Habits: Identify one of the bad habits you wish to eliminate, such as slouching, biting your nails, etc. and collect money each time you catch yourself practicing your bad habit. As simple as that: Save up money while breaking your bad habit! Once you’ve kicked one bad habit, pick another and start the saving system up again.
  4. Practice the “30-Day Rule:” If you find yourself with the impulse to splurge on an unnecessary or expensive item –   stop, record the product details (such as price and store available) on a post-it note, and place it on a calendar thirty days from then. If at the end of the thirty days you still feel the impulse to complete the purchase, consider revisiting the store and committing to the transaction. Giving yourself additional time to assess a purchase will help you feel more confident and in control of your spending habits while also preventing the purchase of unnecessary items.

Whether you're saving for retirement, holiday shopping, that dream vacation, or the next rainy day, we can help you reach your financial goals. Take advantage of the numerous ways St. Anne’s can help you save:

  • Watch your savings grow when you open a free savings account with low minimum balance requirements and no monthly service charge
  • Automate your savings by enabling split deposit or an automatic transfer to a savings account
  • Collect and save your monthly earnings from the CashBack Debit Program that pays you $5 a month when you make 20 or more debit transactions with your CashBack Checking Account
  • Grow funds without tying your money up for longer periods of time with a Certificate of Deposit (CD)
  • Save for retirement in a tax-efficient manner with low-cost Individual Retirement Accounts (IRAs)
  • Teach children to make saving a habit while learning the basics of banking with an acorn savings account – click here for accounts geared towards teaching children the benefits of saving.

Sources: Lifehack.org , pennypinchinmom.com, Greatist.com, fastcompany.com