Let’s talk about the big “S” word in banking… “SAVINGS!”

By Neal Ratliff, WesBanco Bank, Inc.

Well, it doesn’t have to be big and daunting, because savings shouldn’t feel daunting at all. You may think saving is hard, but really it can be simple and easy. For example, you can save money just by packing your lunch and taking it to work, instead of going out to lunch. If you spent $2 every day for lunch for a year (I’m talking “dollar menu” lunch here), that is $730 you could be saving, and that’s just $2 a day. Just think if you spend $5 dollars (which may be a little more realistic) a day on lunch for a year, that’s $1,825. By now, I’m sure you get the point. So, you’re probably wondering, “Are there other options besides not going out to lunch every day?” Well, here are some additional tips to help get you started on the path of saving (or saving more):

• Make a Plan - Those who have savings plans are twice as likely to save successfully. Packing your lunch instead of buying your lunch can be part of you plan, but another option can be as easy as cashing in your change that you have laying around or sitting in a jar that you have had for a while. You have to start somewhere, right? Also, only buy what you need. In today’s world, it is so easy to buy things that you want. But, when you step back and think, “Do I really need this?” I bet the majority of the time your answer is “No”.
• Create a Budget – Keep track of your spending. This can be a big eye opener for some because sometimes you don’t realize how much you actually spend. There are several ways to put a budget together, but find one that works for you and stick to it.
• Financial Products – Not sure where to put your money? Talk to your local banker. If you don’t have a banker, ask family and friends if they can refer you to someone they know and trust. Compare savings accounts and find one that suits your needs. Another way to save is by consolidating your debt, especially credit card debt. Talk to your local banker to see if this is a good option for you.
• Saving at Tax Time – If you receive a refund during tax season, consider paying down on your debt before buying something you might not really need. If you have minimal debt, consider putting it in your savings to keep for emergencies.
• Save Automatically – Most banking institutions allow you to set up automatic transfers from your checking to your savings account. All you have to do is pick a certain amount (that fits within your budget) that you would like to transfer from your checking into your savings and how often you want the transfer to take place, i.e. weekly, bi-weekly or monthly. What you don’t see, you probably won’t miss.

For more information on how to save, check out americasaves.org. It’s a great resource to learn about saving and it has plenty of tips and tools to help you become a successful saver.