Tips on Saving Money for America Saves Week!
April 8th through 12th is America Saves Week, a whole week dedicated to saving money! Established in 2007 by the Consumer Federation of America, America Saves Week encourages Americans to save money, reduce debt and build up their finances. Whether you are saving for college, retirement or just for peace of mind, these savings tips will help get you started. The Peoples Bank provides several diverse ways to help you save money, and our experienced staff can guide you to make the best decisions for you and your family.
1. Create a Budget – Start by tracking your current income and regular expenses. Set aside a portion of your income for necessities such as rent and utilities. Once you have those priorities covered, go ahead and put away another portion for savings, and don’t touch it! Handling your finances like this at the beginning of every paycheck will paint a clearer picture of what you have and what you can save. Check out this Monthly Budget Calculator designed by The Peoples Bank to give a clear view of your monthly spending.
One of the most important aspects of budget control is determining where your money is going. This calculator helps you do just that. By entering your income and monthly expenditures, you can see how much you have left to save and where your money is being spent. In addition, you can click "View Report" to see your results in detail, which can help you identify areas for improvement.
Don’t know how much you have left to put into savings? Use our Managing Debt Calculator to find out how much you owe. This can be used as a good starting point for your debt management plan. Enter all of your credit cards and outstanding installment loan balances. Find out how much you owe and how long it will take to pay it all off.
One of the most important aspects of budget control is determining where your money is going. This calculator helps you do just that. By entering your income and monthly expenditures, you can see how much you have left to save and where your money is being spent. In addition, you can click "View Report" to see your results in detail, which can help you identify areas for improvement.
Don’t know how much you have left to put into savings? Use our Managing Debt Calculator to find out how much you owe. This can be used as a good starting point for your debt management plan. Enter all of your credit cards and outstanding installment loan balances. Find out how much you owe and how long it will take to pay it all off.
2. Consolidate and Pay Down Debt to Save – Consolidate debt and form a plan to pay down your outstanding debt to save on interest. You may be able to find more flexible repayment plans and amounts due each month. If you’re considering consolidating multiple debts, for example, credit card or auto loans, into one lump sum to pay all at once, using our Debt Consolidation Calculator can help you determine if debt consolidation is the right choice for you. Simply enter your loan amounts, credit card balances, and any other outstanding debt. You can then view your monthly payment if you opt for a consolidated loan. Feel free to adjust your loan types, rates or terms until you find a consolidation plan that meets your needs and, most importantly, your budget!
Additionally, use this Credit Card Debt repayment calculator to see what it will take to pay off your credit card balance, and what you can change to meet your repayment and saving goals.
3. Shop Smart – Before making a purchase, big or small, take advantage of our Green 2 Go app to ensure you have adequate funds or to easily transfer money from one Peoples Bank account to another.
Before making a purchase that requires a loan, keep current interest rates in mind when deciding the best time to buy or take out a loan.
4. Saving on Interest – Interest payments on mortgages and home equity loans are tax-deductible. This calculator helps determine your tax savings on loans or credit lines with tax-deductible interest payments. And, of course, when shopping, keep an eye out for sales, coupons and discounts from your favorite stores. Any money you save this way can be put into savings!
5. Automate Savings – Set up automatic transfers from your checking account to your savings account each month. By automating your savings, you don’t have to think about it, and that money starts accumulating. You can even sign up for The Peoples Bank’s Cents Up program, where every purchase you make gets rounded up to the nearest dollar and put into savings.
6. Save with The Peoples Bank – If you’re looking to save as efficiently as possible, there is no better place to look than The Peoples Bank! Our employees have years of financial experience and guidance and can provide informed financial management assistance for a savings plan catered just for you! Visit our Asset Management and Trust page or give us a call at 228-435-8208 to get started today!
Saving money takes patience and discipline, but it shouldn’t be difficult! So, on America Saves Week, pay yourself forward and build your savings with The Peoples Bank!