Blog Highlights
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Change of Behavior Creates A New Habit: Understand how shifting thoughts about money from reactive to proactive can positively impact a saving habit.
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Consistency is Not a Chore: Take simple steps to improve your financial health, intelligence, and well-being by focusing on small consistent changes.
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Save Your Way and Often: Learn new tactics for saving that don't follow traditional rules and may fit your lifestyle better.
Building a Saving Habit Starts with Consistency
Creating a habit of saving doesn’t have to be complicated or overwhelming. In fact, the key to successfully doing so is keeping it realistic, consistent, and manageable. When you create a disciplined routine for your money, saving – no matter what the amount – becomes second nature. Whether you’re saving for something big or just want to be better about tucking a few dollars aside, follow these three steps to build successful saving habits!
1. Define Your 'WHY' for Setting a Savings Goal
What is your motivation or reason for saving? Whether it's $500 for a car repair fund or $5,000 for a vacation, knowing why you’re saving keeps you motivated and focused. To define your' why' to save, ask yourself these questions:
- Why is the goal important to me in the short and long term?
- How does this align with my values (security, family, personal growth, freedom and experiences)?
- What will I gain from achieving this goal beyond the obvious outcome?
- What impact will achieving this goal have on my life?
Try This: Be specific about the goal and set a timeframe (e.g., 6 months, one year, or five years) for achieving it. This transforms the goal into an actionable plan that fosters focus, motivation, and accountability. For step-by-step help with creating an action plan consider using the S.M.A.R.T. method. Check out our ‘Save for Big Firsts: Use the S.M.A.R.T. Method for Reaching Your Goals’ blog to guide you through this financial process.
2. Small Budget Moves, Big Savings Wins
Budgeting doesn’t have to be complicated or scary. It simply assigns every dollar to a specific function with purpose giving you control over your money instead of letting your money control you. To get started, list all your essential expenses then subtract your income. With the amount that’s leftover, decide how much you can comfortably afford to put toward your savings goal.
Try This: Download Peach State’s “3 Practical Budget Templates That Actually Work!”. With budgeting templates in three different styles, you’ll be sure to find an effective technique that fits your lifestyle.
3. Keep It Simple, Consistent, and Manageable with Direct Deposit
Out of sight, out of mind! Direct deposit takes the leg work out of remembering to save – making it effortless and consistent. Automatically transfer a set amount from each paycheck into a savings account that you vow not to spend. The amount doesn’t have to be substantial, it can be $10, $25, or however much your budget allows. The significance is the regular routine of saving – not necessarily the amount.
Try This: Take automated savings to the next level with Peach State’s Visa Round Up Program. Every purchase you make with your Visa Debit Card will be rounded up to the nearest dollar and the excess funds will be deposited into your Round Up Savings Account overnight.1 It's like putting leftover change in a jar that earns interest!
Nontraditional Ways to Save
Saving money doesn’t have to follow traditional rules. Sometimes thinking outside the box can make the process feel more doable – and even enjoyable. By reframing your thoughts about saving and approaching it in unconventional ways, you can build habits that fit your lifestyle and keep you motivated. It’s all about finding creative, realistic strategies that make saving feel less like a chore and more like an empowering choice.
Cash Stuffing
This old school technique involves ‘stuffing’ cash into envelopes labeled for different categories. During each pay period, 'stuff' a designated amount of money into envelopes labeled for your savings goal(s) (vacation, emergency, car repairs). If you prefer a more modern approach, you can replicate this system using virtual envelopes within an app, a spreadsheet, or by opening a special club account.
Try This: Use our template and savings guide for the ‘52 Week Challenge’ as a way to start practicing a savings routine. At the end of the challenge, you’ll have saved an extra $1,378 in just one year!
No Spend Week
Trying a no-spend week is a simple and powerful way to kickstart a new savings habit. Pressing pause on non-essential purchases for just seven days will help you reset your spending habits and reroute extra cash directly into savings – all without making major lifestyle changes.
Try This: If you’re a regular at a local coffee shop or frequently order from DoorDash, pick just one week each month to pause these purchases. Put the money you would’ve spent into your savings and watch your dollars add up!
Helpful Tip: To discover other unconventional ways to save, check out 'Reimagine Your Savings: 4 Unconventional Ways to Reframe Your Financial Habits' blog.
Make Saving a Habit, Not a Chore at A Smart Place to Bank
Saving money shouldn’t feel like a burden or chore – it should feel like a natural part of your routine. When you change your mindset and treat saving as part of your normal routine, it becomes easier, more consistent, and even rewarding.
At Peach State, helping our members find smart ways to save, bank, and borrow is what we’re all about. From our low-cost lending solutions to high yield savings, and financial resources that empower you to take saving to the next level – we’re here to help you achieve your financial goals. To learn more, contact one of our friendly team members or visit a branch near you today!
1 A separate club account will automatically be opened when signing up for and using the Visa Debit Card Round Up program.
