Increase your Savings by Limiting Spending

posted 7/3/2014 in General

Sometimes it can be difficult to admit you need to limit your spending between paychecks. The best way to increase your savings is by limiting your spending. There are easy ways to limit spending if you utilize Lincoln Savings Bank’s online, mobile, and text message banking.

By using our online and mobile banking services, you can access your account 24/7 to keep track of where you are spending money and how much you are spending each week. Checking your account on a frequent basis will help you become aware of where you are spending most of your money.  You can also use LSB’s Budget Plus Personal Financial Management (PFM) tool in online banking to track spending and categorize your transactions, so you can see exactly how much of your income goes to things like gas, groceries, rent/mortgage, entertainment, etc.  Message and data rates from your cellular carrier may apply when using mobile banking and the myLSB app.

Increasing savings at an early age will help to limit spending later on in life because you will become accustomed to saving money each week. Teaching children early on in life about the value of limiting their spending will surely be beneficial later on in life, especially for those teenagers who are starting their first part-time jobs.

Reevaluate your current spending habits. You may not realize what bad habits you have until you look at your expenditure trends. You might be going out to lunch one too many times during the work week or your family spends more on take-out than they should. This problem can be easily fixed with a little bit of family planning.

Find different sources of entertainment. Not all things you do for entertainment need to cost money. If you do a little research, you can find free festivals, beautiful parks, and a local beach to lounge at. These are great options for limiting your spending because it is free entertainment. Not many things are free, so take advantage of the opportunities the great state of Iowa has to offer.

Set a goal.  Are you hoping to go on a vacation or in need of a different vehicle?  Sometimes it’s easier to sacrifice in one area if there is a goal you are working toward.

With the help of planning, research, and self-discipline you can find ways to increase your savings and limit your spending.

Lincoln Savings Bank, Member FDIC.

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