Did You Know?
What You Don’t Buy Could Build Your Savings – FASTER!
To save more, you need strategies to keep yourself from buying the things you don’t really need. Here are a couple strategies that can help:
Consider how many hours (not dollars) something costs.
If you’re like most of us, you work hard for your money. And like most of us, you have probably lost track of how many times you’ve gone above and beyond to help a co-worker or put in overtime to finish a project. You see a $400 coat you like and feel like you deserve it after all the hard work you’ve put in.
But before you spend that money, think of the item in terms of how many hours after tax you must work to buy it. Let’s say you make $20/hour after tax. That means the coat will cost you 20 hours (or half of a work week) to buy. If 20 hours seems like a hefty investment, put that cash into your savings account and use today’s higher interest rates to watch it grow!
Think in terms of lost opportunity.
We’ve all heard, “Skip your $3 coffee each workday and you will save $15 a week, which is $60 a month, or $720 a year.” These days, it’s more like a $4 coffee, saving you around $1,000 a year. But what other $1,000 object or experience are you missing out on because it went toward coffee? That money could pay for new devices, vacations, or it could be the start of a down payment on your dream home.
Delivery fees, pre-packaged produce, and eating out are all things that are convenient in the moment but can keep you from experiencing other things or reaching your goals.
While it might be hard to make these changes all at once, making one to two changes at a time will add up. As you begin to make changes and see your savings grow, look to add new ways to save for your future.
It’s never too soon to start looking at various savings accounts, such as Money Markets, Certificate Accounts, and IRAs. Greenwood has a number of great options and rates are on the rise to make your savings more fruitful! To see what we have to offer or see today’s rates, visit our [rate page].