5 Strategies for Saving Money

The key to saving money is making smarter choices to set yourself up for financial success. Bankers Trust is proud to participate in the America Saves #AmericaSavesWeek campaign* to promote awareness, education and tips to help you build financial security. Here are five ways to start saving today.

1.     Set up automatic savings

An easy way to start saving money is by setting up automatic savings so you don’t have to think about it. For example:

• Set up recurring bank transfers
• Split your employer’s direct deposit into savings and checking accounts

2.     Start an emergency fund

An emergency fund is a tool for financial freedom. When you’re prepared, you are better able to go about your life without worrying about the “what ifs.”

Steps to start one:

1. Define your why
2. Start with small goals
3. Prioritize needs without sacrificing joy
4. Choose the right savings account for you
5. Celebrate milestones along the way
   
   

3.     Save for life’s major milestones

You can stay financially stable while achieving your dreams. Start saving early for major life events, such as:

• Education
• Home purchase
• Vacations
• Retirement

For a detailed timeline on how to save for each, check out America Saves resources*.

4.     Pay down debt

Reducing debt can open doors to financial freedom and opportunities to diversify your money. Here are a few benefits of doing so:

• Increases your disposable income
• Improves your credit score
• Gives financial peace of mind
  

5.     Save for every stage

No matter where you are in life, financial stability should always remain a top priority. Here are key focus areas for each decade:

• 20s: Lay the foundation – Start saving and building an emergency fund
• 30s: Build financial stability – Increase retirement contributions and automate savings
• 40s: Maximize earning potential – Utilize catch-up contributions, review and adjust plans
• 50s: Prepare for retirement – Max out retirement contributions and review existing plans
• 60s & beyond: Enjoy retirement – Create a withdrawal plan and stay invested

For in-depth strategies on each decade, read more here*. To learn more on all five of these topics, check out America Saves resources*.

Ready to take control of your savings? Speak with a banker to create a savings plan unique to your financial goals.

*Please Note: There are external links included in this article that will take you to a website Bankers Trust does not control. Bankers Trust has provided these links for your convenience but does not endorse and is not responsible for the content, links, privacy policy, or security policy of external websites.