6 Habits That Will Help You Save Money

saving money in a jar

Much like exercising or eating healthy, saving money is much easier to do when it becomes part of your routine. To help you get in the right mindset for pursuing your financial goals, Tennessee State Bank is sharing six great habits for saving money.

1. Pay Yourself First

man putting money in a jar“Paying yourself first” means taking a designated amount from your paycheck and putting it in your savings account before you start paying for living expenses or discretionary items. This strategy helps you prioritize saving because if you start spending your paycheck and wait to see what is left over, you are less likely to save. If you receive a raise, you should adjust your savings goal accordingly.

2. Take Advantage of Bank Technology

Take advantage of modern bank technology to help you save. Rather than relying on your willpower to consistently take money out of your paycheck, you can set up automatic payroll deductions or automatic transfers from your checking account to your savings account. A team member at Tennessee State Bank would be more than happy to help you devise a way to make your saving automatic and painless.

3. Pay Your Bills On Time And in Full

man paying bills on timeIf you don’t pay your bills on time, you will start to accrue late fees. The best way to avoid paying more than you have to is to pay your bills on time and pay more than the minimum amount. To make sure that you don’t miss deadlines, we recommend setting up automatic online payments or scheduling a time each month to write checks and mail them.

4. Determine “Needs” Versus “Wants”

A “need” is something you have to have, while a “want” is something you would like to have. Come up with a list of all your monthly expenses and decide which ones are “needs” and which ones are “wants.” Then, see how you can cut back on your “wants.” For instance, instead of going out for lunch each day, you could start bringing a lunch from home four days a week.

5. Consider Investments

putting money into real estateWhen it comes to pursuing long-term financial goals, like home ownership or retirement, investments can be helpful. Stocks, bonds, mutual funds, and real estate are all investment options that you may want to look into.

6. Consult Tennessee State Bank

Our bankers would love to help you save more money. If you have questions about which of our products and services are best for your unique situation, don’t hesitate to ask one of our friendly team members.

About Tennessee State Bank

Tennessee State Bank has been serving our local community for over 45 years. With branches in Sevier County, Knox County, Cocke County, and Jefferson County, we offer convenient banking services in East Tennessee. Whether you’re looking to open a checking account, obtain an auto loan, or apply for a home mortgage, we make the process as simple and straightforward as possible. Tennessee State Bank’s motto is “Banking at its Best!”SM, and we strive to live up to that creed every day. Let us know how we can help you by sending us a message via our Contact Form.

Tennessee State Bank is Member FDIC and an Equal Housing Lender.

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References

“7 Tips to Establish Good Saving Habits.” American Bankers Association, www.aba.com/Consumers/Pages/CNC_contips_savetips.aspx