How to Become a Better Saver in 2020 | St. Johns Bank

Did you know? Approximately three in 10 Americans living in the United States have no emergency savings. That’s a lot of people living just on the edge of financial despair.

Our team at St. Johns Bank wants you to be as prepared as possible, especially if a financial issue arises like an unexpected medical bill or a dead battery in your car. It is best to be as financially prepared as possible so that financial issues that arise don’t push you into debt.

Make a Savings Plan

Let’s take a look at some ways you can be a better saver in the new year, which can also put you in a better financial position in 2020!

First, you want to reconsider how you entertain yourself. Yes, shopping, eating out and going to the movies are great. But those are all forms of entertainment that can push your budget over the edge. Therefore, see how you can find cheaper—but still fun—ways to entertain yourself.

For instance, have a movie night at home with friends and family while having everyone bring a favorite dish to eat! Also, when shopping, look at discount stores or buying in bulk so that you are better able to save more money in the long run.

Second, there is a reason they say never go grocery shopping when hungry—as you can crave everything you see! Rather, make sure you go after a meal, and do not forget to bring a grocery list with you.

When you shop freestyle, you have a higher risk of overspending on groceries each month. Put some money into your savings account instead by sticking to your grocery list every time you go shopping.

Finally, see where you can cut down on monthly household bills so that you can put more money into your savings account each month. For example, consider streaming rather than paying for cable. Or make sure you watch your energy use in the home so that you are able to save on utilities. This includes making sure lights are turned off every time you leave a room, and blocking ways for heat to escape your home so that your heater isn’t working overtime.

Are you looking to save more money in the new year? Contact our team at St. Johns Bank today to open up a savings account with us!