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The Peoples Bank

Tips for Saving Money in the New Year

Mother and daughter saving money in a piggy bank

2023 was a year of ups and downs. For many of us, it was full of financial stress. According to Fidelity Investment’s 2024 New Year’s Resolutions study, while two-thirds of Americans said they plan on making financial resolutions for the new year, 92% said that they have to adjust their goals because of economic issues, the most commonly cited factor being inflation. This is understandable, but of course, saving is often easier said than done. If you’re looking to save more money on the Road of Life this year but don’t know where to start, let The Peoples Bank offer a few helpful tips!

Focus on Saving

The best place to start is often the simplest! When it comes to saving money this year, the most common solution stems from a change of mindset that prioritizes spending less and saving more when possible. Earn any holiday bonus this year? Instead of thinking about what to treat yourself with, treat yourself to the gift of savings! Try our savings calculator to get started.

Cut Costs Where You Can

These days, one of the most common financial shockers comes from realizing that we’re paying for much more than we need. This is why it’s so important to carefully analyze your monthly spending and see where costs can be cut. Case and point, streaming and subscription services. Paying for multiple streaming services at once? Try cable cutting and going down to just one or two. It’ll save you loads in the long run!

Stick to Your Saving

If there’s anything as common as New Year’s Resolutions, it’s people giving up their New Year’s resolutions. We’ve all seen attendance spikes at our local gyms in January, only for the numbers to steadily scale back as the year progresses. When you commit to saving more this year, stick with it! Have friends that want to go out to eat? Offer to host a get-together at your place! You’ll find that choices like these and some good old-fashioned dedication will go a long way!

We know that saving money can be challenging, especially when times are tough, but rest assured that The Peoples Bank is always here for all your financial needs. Try opening a Savings account with us today, or enroll in our Cents Up program to automatically round up purchases to the nearest dollar and put them into savings!

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