How to Organize Your Savings to Meet All Your Needs

There’s no doubt that saving money is important. Whether it’s for a “rainy day,” a much needed vacation, a down payment on a car or new home, or for retirement, saving money should be a part of everyones budget. However, the act of saving money is easier said than done. Below are a few ways to organize your saving efforts and start saving today!

The first step to saving is setting or identifying your goals. Ultimately, this will help you determine what you’re saving for and how much you’ll need. Limit your savings goals to a small number to start, in an effort to get in the habit of saving. Then, once you start to reach some of those goals and build your saving habits, you’ll be more likely to achieve the larger goals you set for yourself.

Select an amount of every paycheck and have it automatically directed to your savings. Most employers allow you to designate a specific amount or percentage of your paycheck to be deposited into different accounts. You can also create an automatic transfer between checking and savings, either once per month or each time you get paid. This allows your savings to happen automatically, which means it’s more likely to stick.

Install and organize a few apps that will find better deals on things you buy regularly or know you’re going to purchase. The apps will search for the best deal, or lowest price, on items you’re looking for. By saving small amounts on items you purchase regularly, the savings will add up quickly. You could even take the amount you saved on the price and immediately transfer it to your savings account.

If you’ve vowed to stay on track with your savings, you’ve likely set a spending budget for yourself. One of the best ways to stay on track with both is to utilize a budgeting or savings platform, oftentimes found in your online banking. Pacific Service CU offers MoneyManager as part of their online or mobile banking. With MoneyManager you can manage your budget daily, set savings goals and track your progress, as well as track your spending. Hopefully, these tips will help you achieve your savings goals.