Five Steps To Saving For A Rainy Day

Putting money aside for emergencies, or, even saving money for large purchases like a new home, or retirement is a smart financial decision, and it won’t impact your daily lifestyle as much as you think.

Technology today makes it easy to put money aside on a regular basis. Products like savings and money market accounts allow you to schedule automatic transfers meaning you don’t have to remember to put money aside, it's already done for you.  Other products like certificates of deposits (CDs) or IRAs also serve as a great savings tool and can help your money grow towards your savings goal.

As with any new task, getting started is the hardest part.  To help get you on the path towards saving success, here are a few tips:

1. Set a goal. And make sure the goal is realistic. Setting the bar too high could create a sense of frustration and cause you to stop saving if you think you can not achieve your goal. Consider your expenses, make a budget and determine how much you can put away each month. Magyar Bank offers free calculators that can help put together a budget and determine how long it would take to reach your goal, check them out at http://bit.ly/2TqGn4T .


2. Track your spending. Hold yourself to the budget you’ve set by tracking your expenses. Consider using websites that segment your spending so you can easily see what areas, if any, you are going over budget then adjust accordingly.


3. Pay yourself first. Arrange to have a specific amount transferred to your savings account every pay period.If you wait till the end of the month to see what's left over, you are less likely to save.


4. Set up automatic bill pay.Although 97 percent of Americans pay their bills on time, some consumers find themselves paying late fees. Set up automatic bill pay so you’re never paying more than you have to.


5. Half-hearted effort. How do we get 4 ½ steps? Simple, you can’t give a half-hearted effort, you need to stay focused on your goals, and keep the big picture in mind. Don’t get distracted from whatever your goal is, keep the big picture in mind, and you will see just how quickly you can reach your savings goal.

 Need some more tips?  Magyar Bank has a team of banking professionals ready to help, visit our website at www.magbank.com for more information, or contact one our Simply MAGnificent team members.