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How to Become a Savings Master in the New Year

posted 12/30/2013 in General

There’s nothing worse than checking your savings account balance and seeing you don’t have as much in your account as you thought. “I need to do better at saving money,” you tell yourself, but you know you’ll experience the same situation again. 
So, how can you become better about saving money? Lincoln Savings Bank wants to share a few strategies that can help you train yourself to save money so it becomes automatic:
Do the math- by adding up your expenses and comparing that to your income, you can see what you have available to stash away every month.
Recognize that it doesn’t take much- saving, whether for retirement or something else, takes time. If you start early enough you don’t have to save a huge chunk of your income every month.
Set up automatic savings- this is one of the beauties of online banking, just set it up and forget it. If it’s set up automatically that’s one less thing to remember.
Cut costs and save them- instead of relying on excess income, find somewhere in your budget you can cut costs.
Make more than minimum payments- paying the minimum means you pay more in interest over time. 
Contribute more to a 401(k)- especially if you have an employer match. If you have money automatically deducted from your paycheck pre-tax, you’ll never miss it AND you’ll be funding your retirement.
Prioritize Saving Money- money issues are emotional, so be passionate about saving. You can’t just mean well, you have to act on it.
We hope these tips help you to increase your savings and make better financial decisions. If you have questions or would like to talk to an LSB staff member about how Lincoln Savings Bank can help with your money goals, just call or come by any LSB location. Until next time, happy savings!
Lincoln Savings Bank
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