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Budgeting and Saving Tips

Posted by Bank Mutual on Apr 14, 2016 05:00:00 AM

Topic: ALL

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Are you living paycheck to paycheck? Would you like to start saving but aren't sure how to start? We know building a savings can be difficult. That's why we'd like to offer these tips to help you manage your current budget and save for tomorrow.




To start a savings plan, begin  by writing down your expenses for a month to determine your spending habits. Once you’ve determined your spending habits, start making cuts as necessary.

Ways to Cut Spending Can Include:

  • Find less expensive ways to enjoy entertainment, such as renting a movie versus going to the theatre or making dinner at home versus eating out.

  • Always pay bills on time to avoid late fees.

  • Pay off credit cards monthly. This will help you establish better credit.

  • Review your cable and mobile phone bills and cut out items you don’t really need.

  • You could also consider making your own coffee. While coffee shops are convenient, they charge hefty prices that really add up over time.

  • Avoid buying name brand items. Purchase generic items whenever possible.

  • Find creative ways to save, such as saving all of your coins in a jar and depositing into a savings account each month.

  • If your company offers a 401(k) plan, be sure you’re meeting their match requirements. It is like getting a 100% return on your investment and it is tax deferred!

Explore Bank Mutual's saving account options