A Target to Aim For: Savings Goals

posted 2/27/2013 in General

For many of you, saving money or spending it in a more conscientious manner may have been a New Year's resolution. However, like so many of us, you may not be doing so well at keeping your resolution. But never fear, we are still early in the year and it is still a great time to make a savings goal for this year. Maybe you are planning on going on a dream vacation, purchasing a new car or want to have a certain amount of money in your retirement account by the end of the year. 
Here are a few tips to help you get started:
  1. You must establish the exact amount you want to save. This will be your end goal, your light at the end of the tunnel.
  2. Give yourself checkpoints along the way. Make major checkpoints at increments (25%, 50%, etc.) and minor checkpoints every payday or every month. This will help you understand how much you need to save and how well you stick to it.
  3. Set up a timeline for when you want to have the money saved. Again, it helps to have checkpoints along the way to make sure you stay true to your goal.
One way you can help make your savings goal happen is by setting up automatic transfers in your LSB Online Banking account. This allows you to put money into your savings account routinely without needing to remember to do it or facing the dilemma of seeing your money go from one account to another. This can be done not only for your accounts with LSB, but for accounts at other financial institutions as well.
Again, it's not too late to start saving for something important in your life. Begin today and stick with it throughout the year to attain your goal. If you have any questions about how to get started, please contact your nearest Lincoln Savings Bank branch.
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