Flowers are blooming. Birds are chirping. The new season is here, which means time for spring cleaning. As you declutter your closets and dust off your shelves, remember to give your personal savings a little TLC, too. It's a good time to assess your goals and clean up your finances, especially with summer vacations ahead. At Golden 1, we're here to help you meet the season with good money-saving habits.
So, is it time to make your savings shine? Here are five personal financial tips to get you started:
Assess Your Saving Habits
Start by evaluating your savings routine. Dive into your monthly budget to see how much you set aside each month. Financial experts advise allocating a minimum of 20% of your monthly income to savings. This may vary month to month based on your situation and needs. You can adjust if you don't feel you're where you want to be. Trim unnecessary expenses, including unused subscriptions and random app payments (we all have them). Even small savings can add up over time.
Clean Up Your Accounts
If you find yourself juggling multiple savings, retirement, or investment accounts, it may be worth consolidating. Streamlining your finances can simplify your life and reduce the hassle of managing them all. Before making changes to your account, be sure to compare fees, rates, and other features.
Reevaluate Your Financial Goals
Take the time this season to review your savings goals. In our Financial Wellness Center, we often discuss setting savings goals and how different savings accounts can help you achieve what you want with your money. Whether saving for a new home, a dream vacation, or something small you enjoy daily, setting a goal is the first step in achieving it.
Automate Your Savings
With your goals in place, put your savings on autopilot. Setting up monthly automated transfers from your checking to your savings means you're always putting money towards what's important to you. You can specify the amounts you'd like to put into each account and choose the day of the month that works best for the transfer. It's the easiest way to skip the worry of remembering to save.
Start Saving Early for The Holidays
The holidays may seem a long way away, but they can sneak up. At Golden 1, you can set up a Savings account specifically focused on helping you plan for the holiday season. A Santa SaverSM Savings Account makes it easy to save for your holiday expenses all year long, and on November 1st, funds transfer into your designated account, just in time for the shopping season.
Spring is here, so use the opportunity to freshen up your short—and long-term savings goals. The attention you give your finances today will help you feel better about the season ahead.
