The #1 Tip for Saving Money in 2016
Happy New Year! At Lincoln Savings Bank, we are so excited for the New Year and new opportunities! The New Year brings a renewed focus on resolutions and an overall commitment to do things better. Saving money and paying off debt top the list of popular resolutions. However, statistics show that over 90% of New Year’s resolutions fail. Let’s turn that number upside down in 2016! We want to help you achieve success if you made a resolution to save money!
There are many articles out there with tips for saving money. They encourage you to curb your spending and eliminate unneeded purchases. Those are great ways to free up some of your budget every month, but then what? You still need to put that money somewhere so you don’t spend it.
So, here it is, our #1 Tip for Saving Money in 2016: Automation.
What does that mean? Let us explain. Automation is defined as “the technique, method, or system of operating or controlling a process by highly automatic means, as by electronic devices, reducing human intervention to a minimum”. By automating your savings efforts, you are ensuring success UNLESS you intervene and turn off the automated savings process.
The great news is that Lincoln Savings Bank has all the tools you need to automate your savings, so you can start right here, right now! Here are the steps to get started:
- Set a realistic savings goal and timeline. Determine how often and how much money you will put in your savings. For example, if you want to save $1,000 by the end of 2016, you have 12 months to achieve your goal if you start in January. To save $1,000 over 12 months, you will need to save $84 each month, or about $20/week. Is that realistic for your budget? If not, adjust your goal.
- Open a dedicated savings account. You can open a savings account online in just a few minutes with Lincoln Savings Bank!
- Enroll for Online Banking. With Online Banking from Lincoln Savings Bank (and the myLSB Mobile app), you can set up automated recurring money transfers for the amount and frequency you want. You can even transfer money from accounts at other banks and use the myLSB mobile app to deposit checks into your savings from your mobile phone or tablet. Once you have set up your savings account, enroll for online banking.
- Set it and forget it. Once you set up your automatic transfers in online banking, "forget it." By pretending that money doesn't exist, you will allow it to grow over time and help achieve your savings goal.
When you have tools you can use at your convenience, automating your savings is easy. We want you to be successful and achieve your savings goals, and we’re here to help in any way we can.
Lincoln Savings Bank, Member FDIC