3 Tips to Help You Save More Money in the New Year! | First Volunteer Bank

You probably feel a little drained coming off of another holiday season—both mentally and financially. But the start of a new year is the best time to make plans to save more and improve your financial health! Our team at First Volunteer Bank has some suggestions to help you do just that.

Resolutions to Help You Save Money in 2018

While you might have started working on your health resolutions, what about your financial resolutions? It’s important to get both your physical health and financial health on track in 2018. Let’s take a look at some financial resolutions you might want to make this year.

Tip 1: Did you receive a holiday bonus? What about a financial gift over the holidays from a family member or friend? Unexpected income can help to solve certain financial issues you might have had in 2017, such as debt and a non-existent savings account. Take any unexpected money that you received and put half of it toward your debt and the rest of it toward your savings account or retirement fund. That way you are already one step ahead of the game!

Tip 2: Create a budget you can actually stick to for the year. The beginning of a new year is always a good time to reevaluate your current budget to see what changes can be made. If you’re spending less money in some categories but more in others, adjust your budget to align with your needs. Your budget is going to be the driver when traveling down the road to financial freedom. Therefore, set your driver up for success!

Tip 3: Watch your impulse buys. Honestly, this is one of the main things that gets us into trouble. Our weekly coffee stops, shopping trips gone wild, etc. Get in control of your impulse buys by walking away and giving yourself time to really think about the item before making a purchase.

Are you looking for a place to put all that money that you’re saving in 2018? Visit the First Volunteer Bank website to learn about our savings account options!