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Saving

Saving certainly isn’t easy. There are countless influences and unpredictable factors that make it difficult — rising costs, emergencies, family needs, and wants just to name a few. Even with all of this in mind we believe that saving money is possible! In fact, it’s quite simple in one sense — anyone can begin saving money by simply spending less of it.

Things to think about:

  • Spending less is important for financial success.
  • Finding smart habits that work for you is the first step to being able to save more.
  • Successful savers are persistent and take it step by step.
  • Use a savings account for emergencies and short-term goals.
  • A small amount of money adds up! $3 a day on coffee for one year = $1,095!
  • Spend Less

    The better you are at maximizing your financial resources, the more opportunities you have to save. And there are plenty of reasons to save! Emergencies, financial goals, upcoming expenses (holidays, school, etc.), and retirement are all important elements of our financial security. The key is putting money away and leaving it there to make it work for you.

    Spending money isn’t a bad thing. In fact, it’s something we all have to do. So why would we want to spend less? One main reason — spending less is important for financial success. Think about it this way: Spending less gives us more to save, which in turn helps us meet more goals, which in turn helps us to have more financial success.

    Our best guidance: Put a freeze on spending for things that you really don't need, establish your goals, build a workable budget, and then make a commitment to stick with it. The most important thing is that you have a clear sense of purpose and feeling that you can get it done. And we believe you can!

    Take a look at Wise Spending Tips for a number of ideas that will help you improve your spending and save for your goals.

     
  • Smart Habits

    Making adjustments to your expenses is never easy. When you change figures in your budget, you’re asking yourself to live differently. This means changing your behaviors, routines, and habits. No one makes these types of changes overnight. Successful savers take it step by step! For example: “Next month, I will cut back on how much I spend for eating out by 25%.” It’s much more likely that you can achieve a small step, which means you can succeed continuously.

    Take a look at Smart Spending Habits for a number of ideas that will help you make changes for the better.

     
  • Savings Accounts

    A small amount of money each month can add up to significant savings over time. As you make adjustments and free up cash from your budget, it’s imperative that you have a place for it to go. Otherwise, it gets spent somewhere! Having a savings account is a smart option for stashing away money for emergencies and your short-term goals.

    Finding the right account:

    Your goal in finding the right savings account comes down to a few things:

    • First, make sure the account doesn't carry high fees that will eat away at your balance.
    • Make sure the account earns a similar or competitive rate when compared with other bank or credit union rates. View ESL savings account rates.
    • Finally, make sure the account gives you options for online management such as tracking, transfers, and categories. This will help you manage your progress toward your goals.

    At ESL, we have savings account options to fit your needs.