Are You on the Right Track to Meet Your Savings Goals? | St. Johns Bank
When it rains, it pours, especially when it comes to money. When one thing breaks, then it all seems to crumbling down—one thing after the next.
Our team at St. Johns Bank wants you to know that while life happens, financial stress doesn’t have to. By establishing a strong savings account, you can have the money you need to cover unexpected expenses.
Let’s take a look at some ways you can save for a rainy day:
Bring in Additional Income
Do you only have $25 a paycheck to put into savings but wish it could be more? Consider bringing in additional income by working overtime (if possible) or even taking on a second job (as long as it doesn’t interfere with your bread and butter).
Even if it is just a few hours of overtime throughout the month or doing some freelance work a couple hours a week, a little bit of extra work can go a long way when building a savings account.
Pay Down Debt to Put Toward Savings
Are you currently paying off debt? You are not alone. In fact, the average person living in the United States currently has more than $38,000 in personal debt. Wouldn’t it be nice if that number was not in debt but in your savings account?
Start paying off your debt as soon as possible so that you can turn the money you pay toward debt into income that goes into your savings account for a rainy day!
Cut Down on Expenses
Are you spending a lot of money on wants that you don’t actually even end up using all that often?
For instance, are you paying on cable each month but you really only watch Netflix? Why are you paying for cable? Cancel cable and start putting that money toward your savings account.
If you have subscriptions to magazines or other products, or a membership at the gym that you simply aren’t using, today’s the day to cancel them!
Are you eating out more than cooking at home? See if you can cut down any. Try to meal prep on Sunday so that you have dinner ready for the week and don’t wind up driving through a drive-through for dinner. Then, you can take that money and put it into your savings account, as well!
Do you have a regular checking account but not a savings account? Contact the St. Johns Bank team today to open up a savings account today!