It’s 2016! Saving tips to help you reach your financial goals!

If making better financial choices tops your list of 2016 To Dos, then this is the blog for you!  Wallkill Valley Federal Savings & Loan believes in fiscal responsibility and wants to help you make this year the one where you get your finances in order.  This month we are going to be talking about SAVING MONEY.  Remember, we want to help you reach your financial goals so among our list of tips you may find some ways Wallkill Valley Federal Savings & Loan can help!

Goals Are Important                                             
In our final blog of 2015 we talked about the setting long term financial goals and making decisions about what you wanted to do with your money in 2016.  Today we’d like to suggest you take that a step further.  Ask yourself…What are the steps needed to reach my goals?  Take your answers to that question and use it to set short term goals. 

Short term goals are the key to achieving long term success.

Studies show that people have motivation in the beginning when the goals are set.  So instead of making a broad big goal such as Start Saving for Retirement, come up with a short term goal that leads to achieving it like, Set Aside $200 and Open an IRA.  The good news is that once you achieve this short term goal the sense of accomplishment will motivate you to take the next step.  Keep building on your short term goals until you reach your long term success!

Know Your Weaknesses
Managing finances doesn’t come easily for everyone.  Everyone has strengths and weaknesses when it comes to money.  For many of us, we just can’t seem to put any money toward savings.  There is always something that gets in our way!  The key is to figure out what your money weaknesses are and then create a way to overcome them.  Below are some common money weaknesses and a few ideas to help you overcome them.

  • It’s always something!  I can’t save any money because something always happens that I HAVE to take care of right away.  It’s time to start an emergency fund.   Setting aside between $500 and $1000 in a savings account is a great way to put an end to Murphy and his law.  Then when your car gets a flat or your son loses his glasses and needs a new pair, you’ll have the money set aside to take care of the problem.  Once your emergency fund is in place you can move to the next short term financial goal!
  • I never seem to have any money left at the end of the month to set aside for savings. It’s budget time! While few people get excited about the idea of living on a budget, it really is the best way to reach your financial goals quickly.  If you find yourself overwhelmed and don’t know how to start, try saving receipts for every purchase for one month.  Then sit down at the end of the month and review them along with all your regular bills and you can get a pretty good idea of where your money is going.  Use the information you gathered to create a budget for the following month.  Do a check in each month to see how you are spending and look for ways to save a penny here and there!
  • Fees are killing me!  I’d like to save but it seems like every month I end up paying fees instead of saving.  Pay attention!  Chances are you are acquiring unnecessary fees because you aren’t paying attention.  Are you often late when paying bills and getting charged late fees?  If this is a regular issue for you, try setting up reminders on your phone or sign up for direct billing.  Pay attention to your bank balances.  Most of our Checking Accounts charge no fees as long as you maintain a minimum balance.  Keeping tabs on your checking account balances is easier than it has ever been with our banking apps!  Start a new habit of checking your account balances every few days to be sure your spending is on track.

If keeping a minimum balance is a challenge…we have the solution.  Give our Basic Checking a try.  It is totally free and has no minimum balance requirement!

  • I have poor spending habits.  Are the little indulgences your weakness?  Or is it impulse purchases that get you in trouble?  We’ve got a tip for each. 
    • If you have a tendency to spend small amounts of money on little daily indulgences try setting up a little matching program for yourself.  Every time you are ready to shell out $3.35 for your midday mocha, take a matching $3.35 and put it in an envelope.  It may not be as easy to spend $6.70. 
    • If your issue is those adorable boots you just HAVE to have, make a 24 hour rule for yourself.  Wait 24 (or even 48) hours before any purchase so that you can make sure the boots really are to die for! 

At Wallkill Valley Federal Savings and Loan, we want to help you in any way we can. 

Are you ready to start saving? 
Stop by one of our 4 branch locations and we can help you find the account that is right for your needs.

Are fees hurting your ability to save?  
We can help you find the Checking Account that fits your needs.

Happy New Year!  Let’s make 2016 great and reach our goals together!