08/19/2024 | Press release | Distributed by Public on 08/19/2024 08:41
An effective savings plan can help you meet your financial goals, pay off your debt, and make life-changing purchases. When you want to start saving, it can be difficult to know where to start. In this saving money in 2024 blog, we'll share budgeting and savings tips for beginners, suitable for just about any budget.
Before you develop a savings plan, set a savings goal. Think about the following questions as you set your goal:
Once you think about these core questions, you'll begin to have a better idea of how to move forward and develop a savings plan.
When setting a financial goal or any type of goal, try following the SMART method, where each letter represents a different aspect of your goal:
An example of a SMART goal would be: "I want to save $5,000 in a year to pay off a loan. I'll measure this with a savings account. To make my goal attainable, I will work with a bank to get the tools I need. This is a realistic goal for me, as I can afford to save $100 weekly."
Setting a savings plan doesn't require being a financial expert, and you don't have to have much money to start. There are plenty of budget-friendly savings plans suitable for beginners. Even if you can only aim to save a few hundred dollars in a year, that's substantially more than zero.
The Consumer Financial Protection Bureausuggests a simple method to set a savings goal:
For example, let's say you want to save $10,000 in a year for your wedding. You'll divide $10,000 by 12 months for a monthly savings goal of around $834. You could also divide your savings goal ($10,000) by 52 (the number of weeks in a year) for a weekly goal of around $193.
The difficult part of saving money is cutting your spending to meet your financial goals. Look for lowering spending on unnecessary expenses. Track your spending using online banking, a spending tracker app, or another method so you know exactly where your money is going.
Wondering how to save money on a budget? Try these ways to cut spending:
Saving money can be challenging, so don't try to do it alone. Here at Landmark, we're ready to give you the tools you need to meet your financial goals. We'll make keeping track of your spending simple with our online bankingand mobile banking toolsfor checking and savings accounts.
With the help of our savings account options, you'll hit your savings goals in no time. If you don't have a lot of money to start your savings account with, our Smart Savings Accountis a great option, only requiring an opening balance of $50. Find your nearest Landmark bank branchto get started.