WEOKIE Federal Credit Union By WEOKIE Federal Credit Union • December 4, 2020

5 Money Savings Habits to Start in 2021

What’s your New Year’s resolution? Many people will say one of the two: save more money, or spend less money. Saving money is easier said than done, especially when expenses can pile up. We have a game plan of tips and tricks to help you start the New Year on the right foot, financially.

1. Automate Savings

This is a good trick to help build your savings without ever realizing that it was in your account to begin with!  Most employers will allow you to allocate a specific amount taken out of your paycheck to automatically be put into your savings account. Another option for an automatic savings account is WEOKIE’s Roundup & Save program with our WE Care Savings account. When you open a We Care Savings account, you can activate this feature on any WEOKIE checking account and make everyday purchases part of your ongoing savings plan. With this feature, you use your debit card for everyday purchases as you normally would. At the end of the day, we will round up each of your purchases to the nearest dollar and transfer the change into your WE Care Savings account.

2. Match Bad Habits With Good Ones

We all have bad spending habits, but what if every dollar we spent on a Starbucks coffee, was also put aside into your savings account? Consumerist.com reports that the average American worker is spending more than $20 a week on coffee. That’s more than $1,040 a year! So instead, put the same amount of money that you purchase on coffee or whatever else your spending habit is into your savings account. You will either grow your savings, or stop spending money overall.

3. Create a Change Jar

There are two reasons to why we love using the change jar method to saving. The main reason to why we love the change jar method is because after your day of spending, you dump all your change into a jar. After a month has gone by, cash in your change and you will be surprised at the hefty amount you have.

4. Set aside every $5 bill

Much like the change jar method, this method requires you to set aside every $5 bill that you come across. Best stated by Marie C. Franklin at Money.com,

“Once you commit to saving your fives, you’ll never look at a $5 bill the same way again. Once you see them accumulate, you won’t be tempted to spend them. It becomes an addictive habit, a fun game to see how fast you can grow your stash.”

5. Getting Help From an App or a Financial Advisor

If you’re tech-savvy and need help saving money, there are many apps that you can download on your phone to help with your New Year’s resolution! We’ve provided some below to help you get started.

  • Mint is a very useful app to help with many of your financial needs. It’s easy to sync with your bank account and will gather data on your spending habits to help create a personalized saving and budgeting plan.
  • Pocket Guard is another useful app that helps focus on your spending. Figuring out where you spend your money will help you set aside more money as a long-term goal.
  • You Need a Budget (YNAB) is a new and hip budgeting app that has creating a big following among young professionals.

These apps are great to use, but if you like meeting with someone face-to-face on how to start a savings plan and help your spending habits, WEOKIE is here for you with our free, online financial coaching. We can discuss any of your financial obligations and the best solutions to help you save money!  You can call and set up a virtual appointment with us or you can take advantage of our free learning programs.

WEOKIE: We’re here to Help!

We hope these tips help you when it comes to starting your savings plan.  Contact us today to set up an appointment and we can help you get started on the right path! You can contact us at 405-235-3030 or 1-800-678-5363 or click here to find more information on a savings plan for you.

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