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Five Steps To Save Smarter

April 2, 2019 You reach the end of the month and once again your good intentions to save have been thwarted by unexpected expenses or—let’s be honest!—temptation. Guess what? You’re not alone. A recent study by found that 1 in 5 working Americans aren't saving any money, not even for an emergency or retirement. And research from the showed that almost half of all Americans would have to borrow money or sell something if they had an unexpected $400 expense. (Yikes!) We’re guessing the no-savings club is one you’d rather not be a member of and we have five suggestions to put you on the right track to better savings.

1. Get in the habit of saving

Like exercise and eating right, saving doesn’t just magically happen; you have to make it happen. One of the best ways to establish that habit and make it stick? Automatic withdrawals. That way you’ll always pay yourself first and you won’t be tempted by that “extra” cash sitting in your checking account.

2. Create savings buckets

Earmark your savings categories. Make one a rainy day fund and set a target of saving up at least six months of your paycheck. Create another one for those bigger expenses that hit on a regular basis—for instance, your real estate taxes or car insurance. Divide the total amount due by the number of paychecks until the next time this fee comes up and put away this amount each paycheck. Then, when that bill comes up again you’ll have the cash you need to pay it. Again, automatic deductions make the process much easier.

3. Open a certificate of deposit for three months

give you a higher level of interest than you’d get from a savings account and the three-month window should be short enough that you won’t need to tap into this money before the certificate matures. When the three months are up, just add more money: You’ll be able to access the original funds (plus interest) if you need to, and you’ll get a higher yield on anything that stays in savings.

4. Open an Individual Retirement Account (IRA)

can be a great way to save for retirement and most people will get tax advantages from using them (talk to a tax advisor to learn more). Just like your other savings buckets, use automatic withdrawals to ensure you’re making regular contributions.

5. Talk to a money coach

The tips we’ve listed here are great general savings strategies, but if you want to really own your financial independence, we strongly recommend with one of Summit’s financial experts. They’ll take the time to understand your unique savings goals and financial needs and help you develop a plan that makes sense for you. Ready to save smarter and really own your financial future? Summit’s here to help! You might also be interested in Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have. Here are some tips on how to prioritize your debts and bills, negotiate with creditors and get your late payments back on solid ground. Even in these challenging times, there's  whole lot of good happening! At Summit, we've always believed financial success happens together and that's been truer than ever this past month. Here's what "together" has meant for our community. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. If you’re not sure if something is a scam, it’s ALWAYS better to act like it could be! Fraudsters are always coming up with creative new ways to steal from you and quick to take advantage of a crisis. Here are some of the most popular recent scams to watch for. With a little planning, you may be able to actually save a little money during the holidays. Check out these tips to keep costs down without missing out on the holiday fun. Some scams go right for your money; others try to get you to part with personal information – like account numbers, Social Security numbers, passwords, and personal identification numbers (PINs). Find out what you should look for and how to protect yourself. The holidays can be stressful & that’s why it’s important to prioritize your self-care. Use these tips to reduce stress without draining your bank account. Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”:  those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter! Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA