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You know saving money is essential to create the life you want for you and your family, but between shuttling kids and managing meals, it can be tough to find the time to think about a savings strategy, let alone act on it.
Follow these steps and learn how you can make saving money part of your routine.
Step 1: Look at your finances and track your money spending habits
Start by looking at your family’s income and expenses. Track everything, including paychecks, monthly bills, receipts, etc. – any time you touched your money! This will help you have a better view of your family’s current financial situation and where you might need to adjust. If you need a little help, try our
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tool to track your expenses and work toward financial goals.
Step 2: Find ways to save money in your monthly budget
Once you have an idea of your monthly spending, look for places in your budget where you could cut costs. Here are a few ideas:
Meal prep Did you know Americans spend more money at restaurants than they do at grocery stores? There’s no need to stop dining out completely but setting a limit on the number of meals you eat out and adding a little meal prep to your routine will go a long way. Plus, with meals already prepped, you’ll be less tempted by the convenience of fast food or delivery.
Shop for deals Spending money on “stuff” is pretty much inevitable when you have kids, but you can save on everything from clothes and toys to cleaning supplies just by planning ahead. Look for deals before you shop and take advantage of thrift stores like Goodwill for fun finds that will keep everyone happy.
Find free activities in your community Many communities have a calendar of free events. You can also use the “Events” tab on Facebook to find even more opportunities for free or low-cost fun. Or if all else fails, take matters into your own hands and plan a family movie night at home or go “camping” in your backyard – don’t be afraid to get creative!
Step 3: Set up a monthly savings deposit
Once you find the space in your budget, it’s time to start saving money. We recommend setting up an
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every month, even if it’s only $10 or $20 each time. That way, you’ll be saving money every month without having to give it a second thought. With Summit, you can even set up multiple savings accounts to help you work toward specific financial goals, like saving money for a family vacation or setting something aside for your kids’ holiday gifts.
Step 4: Start thinking about long-term financial goals
Life moves a mile a minute, but it’s important to take some time now to think about the life you want for the future. Whether that’s saving money for your kids’ college education or working toward your retirement, the sooner you get started, the better. Challenge yourself to have regular “money dates” where you sit down and look at your finances. You could even
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highlighting the goals you want to achieve and bring it to your planning sessions.
Growing your savings is a process. Just take it one step at a time, and don’t be afraid to call in reinforcements if you need some inspiration.
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with a Summit financial expert, and they can help you figure out the best money-saving strategy for your family’s needs.
You might also be interested in
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Guide To Financial Confidence
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Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have.
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What To Do If You Can’t Pay A Bill
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Here are some tips on how to prioritize your debts and bills, negotiate with creditors and get your late payments back on solid ground.
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Helping Our Communities, One Person At A Time.
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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.
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Tips for Managing Money and Paying Off Student Debt After Graduation
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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.
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How to Protect Yourself From New Scams
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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.
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5 Ways To Save Money During The Holidays
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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.
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How To Protect Yourself From Common Scams
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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.
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5 Self-care Ideas To Manage Stress This Holiday Season
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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.
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5 Tips To Your Home Improvement Sweet Spots
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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!
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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