Consider this 5-step “countdown” toward meeting your financial resolutions for 2019!
5. Enroll in an Automatic Savings Plan
Automatically scheduled transfers from your checking to a savings account can help you save money before you even spend it. EasternEase Online & Mobile allows you to transfer funds between your Eastern Savings Bank accounts and view scheduled transfers. Click here to sign up today!
4. Use Personal Finance Software
Knowledge is power! Using personal finance software can help you visualize your budget, while discovering areas to track and cut your spending.
3. Create a Savings Goal
How much do you want to save? Why?
Asking yourself these questions will help you stick to your goals. Furthermore, having a concise, actionable plan for the year will provide more successful results. For instance, saying “I want to have over $1,250 in my savings account by August 31, 2019,” rather than something generic, i.e., “I want to have more money in my bank account.”
2. Spend Less
Consider ways to cut back on spending, such as recurring expenses (even small ones) to determine what you may be able to cut out or downgrade.
1. Have an Emergency Savings Fund
It is recommended that you have at least six months of living expenses in a federally insured product, such as a savings account. This will help you withstand any major reduction in income, such as a job loss or help cover unexpected emergencies. To build your emergency savings fund, view Eastern Savings Bank’s savings account options!
Eastern Savings Bank wishes you a safe, healthy and happy New Year!