While it’s fun to make grand New Year’s resolutions right before the ball drops, it can be a struggle to continue the motivation a few months later. Have you reached any resolutions yet? Or possibly ditched a few impractical ones somewhere in January? Well, if one of your resolutions, or even life goals, for 2019 was to spend less and save more, we can give you some great tips and resources to make that happen.

Sometimes it’s as simple as an automatic, recurring transfer from your Checking Account to your Savings Account. Other times, you need to dive deeper into your spending habits to better track where your money is really going and how you can cut back on some of those expenses. While some people prefer the traditional way of analyzing monthly statements and receipts, technology has given us the gift of easier money tracking and budget assistance. Below you will find helpful ideas on how to save as well as popular apps that take some of the leg work out of achieving your 2019 financial goals.

Find New Ways to Save Your Money and Organize Your Spending

Try a CD

For members who have more than $500 in their Savings Account, we’d recommend moving those funds over to a Certificate of Deposit (CD) to start earning a higher rate and better return. Currently, members could be earning as high as 3.75% APY with our Step Up CD or 3.10% APY with our Regular CD.1 Check rates and terms for our CDs.

For members who have never opened a CD before, it may feel strange to get out of the comfort zone of a Savings Account and make the switch to a CD. A great first CD to try would be our EZ-Saver CD, which can be opened with as little as $50 and allows for more funds to be deposited throughout the term.

Have questions about CDs? We’re here to help and provide all the answers. We want to help our members save and earn money, and we’re excited to explain the process of opening a CD, receiving the interest, and the process of early withdrawal. Learn more about our CDs, open a CD, or get in touch with one of Member Contact Specialists all online.

Take on a Savings Challenge

Are you looking for more of a challenge or lifestyle change to jumpstart your saving? Try one of these savings challenges:

The All-Cash Spending Challenge:
These days, most people don’t use cash as their primary way to make payments. With the ease of Debit and Credit Cards, overspending can happen before you realize it. Remove the funds you spend on loan payments, bills, and other necessities and pay the remaining items (going out with friends or shopping for example) with cash only. Allow yourself a certain amount of money each week (start with $50 to $100 of “fun money”) and see if you can stay within that budget. Being mindful of how much you spend can quickly make you financially healthier.

The Save Your Change Challenge:
Make every penny count, literally, by saving all your change in a jar. At the end of the year, bring that money to one of our branches with a coin counting machine and deposit it directly into your Savings Account. It’s a simple and painless way to save, and it really adds up!

Pay off High-Interest Debt

It can be hard to save when high-interest monthly payments seem to hijack all your funds. Look to lower your interest and your monthly payments with our Debt Consolidation options. Check out our rates and apply online.

Create a Family or Individual Budget

What’s the best way to spend less and save more? Track your spending. We recommend our members look closely at their monthly transaction history on their Checking and Savings Accounts to see exactly where their money goes each month. This way, they can better see where they can cut unnecessary spending (wow, those coffee runs really do add up) and make a feasible monthly budget. Not sure where or how to start budgeting your money? Check out the awesome apps below!

Have you created a family budget but are still struggling with paying bills? Meet with one of our Certified Credit Counselors to discuss budgeting options.

Tools and Apps to Help You Save

Advia Credit Union Digital Banking and Mobile Banking App

Our Digital Banking and Mobile Banking App can help you with a lot more than just a quick balance check. Within Digital Banking, you can find the tools to help you track your spending, budget better, and start saving!

Budgeting and Spending Within Digital Banking

Use our helpful tools within Digital Banking to help you understand your net worth, budget, spending, trends, and debts. You can link your Advia accounts and loans as well as those at other financial institutions. This allows you to see the whole picture of your budget and savings to make great choices on how to spend less and save more! Our budgeting tool will auto-generate your budget from the linked accounts and put the transactions into categories like Food & Dining, Shopping, Education, Bills & Utilities, Auto & Transport, and Other. You can also categorize recurring monthly transactions to make your budget more accurate.

Digital Banking Budgeting Tool

Recurring Transfers

Recurring Transfers are another way to easily save within Digital Banking. They allow you to schedule a transfer from your Checking Account to your Savings Account at a frequency you choose. For example, if you want to have $1,000 in your Savings Account by the end of 2019, simply set up an automatic transfer of $25 each week from your Checking Account to your Savings Account. 

Bill Pay

Another great tool is our Bill Pay feature. Make monthly bill paying easier by having all your recurring payments in one place. You can even set up bill pay alerts! Never be late on a recurring payment again with scheduled payments and withdrawals from your account.

Opt Out of Courtesy Pay

Some members also benefit from opting out of our Courtesy Pay feature. Courtesy Pay allows members to avoid having their Debit Card declined at a store or online if they have insufficient funds (which results in an overdraft fee). To avoid this, members can opt out of our Courtesy Pay feature to avoid fees and overdrawing their account.

Qapital

Aside from our Digital Banking, there are other apps you can download that can help you manage your money better this year. Qapital is a free, secure app that helps you create a savings goal and budget. Link your Advia accounts and loans to track your spending and saving habits. Using free savings rules triggered by purchases and transactions, you can set it and forget it. https://www.qapital.com/

Qapital mobile app

Mint®

Mint is another app you can download to assist with better money management habits. This is the oldest and best-known app for saving and budgeting.  Connect to your Advia Checking Account and/or Debit Card, and Mint® can track your spending, categorize transactions, and offer suggestions and budgets to help you save.  https://www.mint.com/

 

 

Whether you’re making your own budget and savings plan or following the recommendation of an app or Advia Certified Credit Counselor, we hope 2019 is your year for making money!


 

 

 

 

 

 

 

References:

https://download.cnet.com/news/the-best-money-saving-apps-to-keep-you-within-your-budget-in-2019/

https://www.nbcnews.com/better/pop-culture/how-save-more-money-2019-ncna953251.

https://www.thebalance.com/best-budgeting-apps-4159414

Disclosures:

1. APY = Annual Percentage Yield. Federally insured by NCUA. We do business in accordance with Federal Fair Lending Laws.

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