5 Simple Steps to Start Saving

Education | 03/23/23
BLOG 5 step simple saving Q1 MAR23

5 Simple Steps to Start Saving

Everyone knows it’s important to save money. Not only does saving help you reach financial goals such as purchasing a house, car, or vacation, it can also give you peace of mind as you know you’re prepared for any unforeseen expenses that may occur. However, the prospect of saving can seem like an overwhelming process. It doesn’t have to be this way! Saving money can actually be simpler than some realize. These five tips will provide you with simple, actionable steps you can take to start saving.

1. Start Small

One of the most important principles of saving money is realizing it’s done in small, steady increments. It can be fun to daydream about saving for a car or house, but these lofty ambitions can often be counter-productive to building the foundation of a healthy and sustainable savings system. Instead, start with a simpler goal. It could be something as straightforward as saving $50 a month. By forming the basic habit of saving in small, obtainable increments, you’ll lay the groundwork for future saving habits.

2. Keep a budget

By keeping track of your money, it will be easier to adjust and make changes based on your saving goals. A budget can help you identify areas where you can cut back on unnecessary spending and allocate more funds toward savings. You can create a budget using a spreadsheet, a budgeting app or by working with a financial advisor. If you’d like more information regarding how to budget, here are 4 steps to start one today.

3. Make saving automatic

It can be easy to forget to deposit money into your savings in regular increments or spend before you are even able to deposit it. With Ascend’s digital banking platform, you can set up automatic transfers to ensure you are meeting your savings goals and can easily track your progress.

4. Hide your savings

The saying, “out of sight, out of mind.” definitely applies to your savings. If you think you’ll be tempted to withdraw from your savings, consider hiding your savings account, but not at home. Instead, use the feature available in Ascend online banking platform, which allows you to hide. By hiding your savings account so you won't see the balance every time you view your accounts. This can be a helpful tool to avoid impulse purchases and can be turned off at anytime.

5. Monitor your progress

While hiding your savings can help reduce the temptation to spend it, it’s also important to measure and celebrate your progress! It’s exciting to set a goal and see your hard work pay off as you build toward it. Just remember to commit to your goal and leave the money there for its intended purpose.

In truth, the hardest part of saving is getting started. Once you build momentum with a strong savings plan, it can be incredibly rewarding to see your hard work and discipline pay off. No longer does that mortgage, dream car, or dream vacation have to be a “someday” dream, Ascend can help make your "someday"...some day soon. To get started, consider using one of Ascend’s many saving-centric calculators. Once you have a strong base of savings, consider putting some of that money into retirement and investing. Thanks for reading!

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