Savings ahead

Short-Term and Long-Term Savings Goals

Having a list of money savings goals – whether they be daily, monthly, or yearly – is a smart way to start the year. In our previous blog post, we discussed how weekly savings and budgeting is a great way to build your nest-egg. However, finding ways to spend less and save more every day, month, and year will help to grow your savings even more.

Here’s a list of daily, monthly, and yearly savings tips that you can start incorporating into your life immediately.

Daily Savings Tips

  • Coffee: Skip buying that daily cup of joe and make a to-go cup from home.
  • Groceries: Buy your groceries in bulk at wholesale stores like Costco or Sam’s Club, and do a meal plan once a week so that you can buy only what you need.
  • Wait to Buy: To help quell your impulse buying habits, wait at least 24-48 hours before spending money on things that cost over a certain amount.

Monthly Savings Tips

  • Cut Out Cable: With services like Hulu, Netflix and Amazon Prime, you can now watch your favorite TV shows and movies for a fraction of the cost of cable TV.
  • Cell Phone: Reduce your cell phone bill by lowering your plan.
  • Lower Your Car Payment: Refinancing your auto loan to take advantage of lower interest rates could save you $1,000 or more over the life of your loan.

Yearly/Long-Term Savings:

  • Set savings goals: Think about why you’re saving. Are you getting ready to buy your first home? Are you planning a wedding? Are you saving for your children’s college education? Keep that picture in mind to help motivate
  • Boost Your Income: Approach your boss about a raise or find other secondary means to increase your income.
  • Retirement Savings: If you can, plan to save as much for retirement as possible within the annual limits.

Saving over the long term doesn’t just happen. It requires you to save as much money as you can by monitoring your spending habits and cutting expenses. It’s not always easy to save money, and sometimes you may require the service of an installment lender in Mississippi when you are in need of emergency funds, but it’s possible with the right priorities and a well-executed plan to start saving for your future today.