Tips for Saving Money in the New Year
January 25, 2024
As the new year unfolds, it’s the perfect time to reevaluate your financial habits and embark on a journey of savings. Whether you are saving up for a new car, a down payment on a house, or for college, Unison is here to help. If your goal heading into 2024 is to save more, consider incorporating these money-saving tips into your routine.
1. Create a Realistic Budget
Start by creating a realistic budget that outlines your income, essential expenses, and savings goals. A good rule of thumb is to follow the 50-30-20 rule. This savings technique recommends that 50% of your budget goes towards needs, 30% towards wants, and 20% towards savings. By regularly tracking your income and expenses, you can spot spending patterns, identify improvement areas, and adjust if needed. This can show you how you can cut back on discretionary spending, such as dining out or impulse purchases, which can significantly impact your savings or credit card debt.
2. Save on Food
Consider exploring discounts and cashback offers while shopping for groceries. This can help you get more value for your money. We also recommend meal planning and cooking at home to reduce food expenses. When meals are readily available at home, you’re less likely to cave into the convenience of restaurants or fast-food options.
3. Automate your Savings
Consistency is key when it comes to saving. Try automating your savings by setting up regular transfers to a dedicated savings account. This can ensure that you are consistently contributing to your financial goals. By automating your savings, it minimizes the temptation to spend money that was initially intended for saving. To get your automated savings set up, talk to your HR department about adding your Unison savings account to your direct deposit, or you can use our direct deposit form to get started!
4. How Unison Can Help
Here at Unison, we can help members save money this year. Consider opening a sub-share savings account if you are saving for something specific, like Christmas or a vacation. Another way we can help is with our Simple Saving Program. You can save by rounding up each debit card purchase to the nearest dollar and depositing it into a designated savings or sub-savings account.
Our Member Advisors can help you achieve your financial goals this year. If you have any questions about saving money this year, visit our locations for more information or reach out to a Member Advisor today!