4 Ways to Make Saving Easy

Podcast Transcription

Money Talk is a podcast brought to you by PFCU where we will share tips and tricks and talk to the experts on all things finance related. Join us as we cover everything from credit and loans to cyber security and careers. No matter where you are in life, PFCU is here for you.

Welcome to this episode of PFCU’s Money Talk podcast, I’m your host, Maddy. Let’s talk about some things that you can do to develop better money habits in your everyday life no matter what your financial situation looks like. We want you to get one step closer to your goals, what you want your life to look like and what kind of financial position you want to be in. And I hope and I think that these are concrete action steps anybody could take to get there.

Number 1 is to set up automatic transfers for saving. So, when you get your paycheck deposited, you can just tell your money where to go once it hits your account. Decide how much you can tuck away in any of your savings accounts or set aside for bills so you don’t spend it. For example, send $5 to your savings account for the holidays without having to go into your online banking, take the steps to do it yourself. You can go to your employer to designate these automatic transfers with your direct deposit, or you might be able to set these up yourself in your online banking so check it out.

Next is to get a budgeting tool if you don’t already have one and evaluate your finances regularly. Reviewing your finances on a regular basis and staying on top of your budget should hopefully become second nature that you do it monthly, bi-monthly or whatever you find works for you. There are a lot of free budgeting apps out there, usually, like, the basic version is free and some these are Goodbudget, EveryDollar, PocketGuard or Empower Personal Dashboard. You can also just use an excel spreadsheet or a piece of paper.

And next is to figure out your money habits and your tendencies so you can learn where you can make some changes and save money. And it doesn’t have to be anything super drastic, I’m going to give you a few examples to get you thinking about what you could maybe try. So, if you tend to order out for lunch with your coworkers, try to pack a lunch that you look forward to eating or write yourself a note for the morning, so you don’t forget your lunch as you walk out the door. I’ve done that a few times. Also, if you tend to get sucked in by sales at the grocery store for things that you don’t need or planned to buy, try budgeting for the few extra dollars to get your groceries delivered or picked up, this takes the temptation completely out of the equation. You’re not seeing all of the sale signs and temped to put something extra in your cart. Also, if there’s a store that you go to and always tend to spend money unnecessarily, try to avoid that store if you can. To go along with that, unfollow those social media influencer accounts that recommend products that you have a hard time resisting. Maybe wait a few weeks or a month or 2, check in on your finances to see how these new habits are working for you!

And don’t worry, I know we all deserve to have things in our lives that make us happy so, you can use rewards apps and cash-back programs to save on those things.  Even if that means that you might be going from 5 lattes at the coffee shop a week to 1 or 2, you can still save money on those purchases. Download the Starbucks or the Dunkin app to take advantage of their rewards and deals, earn points at McDonalds through the mobile app and get free food. You could also sign up for rewards at the grocery store to get special deals, coupons and points that you can use for gas. Gas and groceries are both necessities so why not save money on them? Take advantage of these things that are out there so you can still find joy while saving a little bit of money at the same time!

And that’s all I have for you. Thanks for listening!

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