Sometimes, the hardest part of saving money is getting started! Budgeting doesn’t have to be scary or restrictive. In fact, a few simple changes to your daily routine can yield small savings that will add up over time.
As a first step, determine how much money to save. Depending on your needs (more on “needs” below), lifestyle preferences and income, the amount you save may differ from others. The general rule of thumb is to have 3 to 6 months of living expenses saved in an easily accessible “rainy day” account.
Next, the American Bankers Association recommends paying yourself first – for example, by contributing to retirement plans and depositing into your rainy day account. This technique has been proven time and time again to help people change their behavior. If you wait to see what’s left over, you are less likely to save.
Another tip is to pay your bills on time. Did you know Southeastern Bank’s online and mobile banking system offers a Bill Pay option? It’s easy, secure and convenient! Pay all bills from one central location accessible 24/7 anytime, anywhere.
Speaking of bills, when deciding whether to start saving or pay off outstanding debt first, pay off any high-interest credit card debt. Then, set aside an extra $25 per month and watch your money compound quicker than you think!
Lastly, make a conscious effort to determine needs versus wants. Do you need to eat out every day for lunch? Do you need that gourmet cup of coffee in the morning? By bringing your lunch to work several days a week, you can save hundreds of dollars a year.
Southeastern Bank encourages everyone to strive for a solid financial foundation. If you have questions about budgeting or how to get started, ask us for help!
Source: American Bankers Association
About Us: Southeastern Bank, established in 1888, has a long history of serving its customers and communities. From checking accounts and loans to investments and more, Southeastern Bank has the financial products you need most. Southeastern Bank has 10 locations throughout coastal Georgia and northeast Florida that include Brunswick, Callahan, Darien, Eulonia, Folkston, Hilliard, Kingsland, Nahunta, Richmond Hill and St. Simons Island.