Simple Ways to Save Money

Simple Ways to Save Money

Financial Literacy Month is the perfect time to start making smart money habits. The sooner you learn to manage your money in a way that works for you, the sooner you will be on a path to a smart financial future. 

Form savings habits.

An easy way to start saving is to make it a habit. When you are consistent with saving it will become part of your routine. Transfer a percentage of your paycheck into savings each month. Decide on an amount that works for you and your lifestyle. There are online banking features that can do automatic transfers to your savings account to make it easier for you.

Make spending sacrifices.

The little sacrifices you make today can result in a big benefit down the road when you need your savings. Think about what you can do without. Then, invest what you would have spent into a savings account to use in a time of emergency. 

Take advantage of employer programs such as 401k or HSA.

 Look into your employee assistance programs to see how you can benefit from them. Many employers will match a percentage of what you put in your 401k account. Make the most of the match and profit in the future.

Grow your money.

Money market accounts and Certificate of Deposits are great ways to increase your interest rate on your savings. These accounts have a higher interest rate and will grow the funds you invest faster than your savings account.  

Security Financial Bank can help set you on a path to success with checking accounts that fit your lifestyle including online banking features and online bill pay. Ask a personal banker to learn more about how we can be a resource for you. Make an appointment online with an SFB banker or call 888.254.0615.