NVE Bank News on mybergen.com: As part of America Saves Week 2019, scheduled for February 25 – March 2, NVE Bank is spreading the saving message and urging Bergen County residents to make savings automatic.
Started in 2007, America Saves Week is a time-honored event. Along with Military Saves Week, it is a national opportunity for organizations to work together within their communities to transform the lives of millions of Americans. It is the framework in which participating organizations annually take on the savings challenges that their constituents face with support from local and national partners.
America Saves seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. The research-based campaign uses the principles of behavioral economics and social marketing to change behavior. Non‐profit, government, and corporate groups participate in America Saves nationally and through local, regional, and statewide campaigns around the country. America Saves encourages individuals and families to take the America Saves pledge and organizations to promote savings year-round. Overall management for the campaign is provided by the non-profit Consumer Federation of America (CFA). CFA is comprised of over 270 consumer education, advocacy, and cooperative organizations dedicated to advancing the consumer interest.
According to America Saves Week spokesperson Madeline Daniels, “People with a plan to save are twice as likely to save successfully. But what works for one person may not work as well (or at all) for another. There are many ways to conserve your funds, from savings and money market accounts to direct deposit, cash back programs, spare change apps and more. Why not test out some different approaches and tools to figure out what will help you best reach your savings goals?”
In the spirit of America Saves Week 2019 — an annual program designed to encourage and support Americans to save effectively — The Penny Hoarder’s Jacquelyn Pica shares seven ways you can get your savings on track, without downloading any apps!
We all want to save more money. The question is, how?
With so much new technology out there, it’s easy to feel overwhelmed. Plus, maybe you don’t feel comfortable sharing personal bank details with tons of different websites and apps.
Forget the latest tech — these seven methods will help you get your savings on track without signing up for any apps.
1. Figure out what you owe
First things first, find out what — and who — you owe.
Use a spreadsheet such as Google Sheets or Microsoft Excel to track all your debts and recurring bills.
2. Create a budget
Now that you know what you owe, it’s time to get the rest of your money in order.
Keep track of your budget without relying on software or sharing personal information. You can use a spreadsheet for this one, too, and it’s easy to find free templates online. You can use Google Sheets and Excel.
With these monthly spreadsheet templates, you’ll be able to track your income and expenses, and set goals for yourself.
3. Participate in the 52-week money savings challenge
The 52-week money savings challenge involves setting aside a certain amount of money per week. The first week, you save $1. The second week put away $2, etc.
Here’s a helpful chart so you can check off each week as you go. At the end of the year, you will have saved a little over $1,300! Without using technology to help guide you, it’s important to stick to some kind of savings plan or challenge so there’s a tangible goal.
4. Save every $5 bill you get
This savings strategy is a less calculated approach than the 52-week savings challenge, but it still adds up.
For this method, save every single $5 bill you get. If you usually don’t purchase items with cash, now’s a good time to start! (Plus, did you know paying with cash can help you save money?)
There are countless stories of people who have managed to save thousands using this strategy alone, without even realizing the money was gone.
5. Save all your spare change
Likely the oldest savings tactic in the book, buy a giant jar and drop all your spare change into it. It’s such an easy way to save money without thinking about it.
Tip: When you’re ready to cash in the coins, don’t go to one of those change machines at the grocery store. They charge a hefty percentage of whatever you cash in.
Instead, ask for empty coin rolls next time you’re at the bank and roll the coins yourself. It’s a bit time consuming, and you do have to count it all out in specific amounts, but you’ll get to keep all your money. Once they’re rolled up, take them to the bank and exchange your coins for cash.
6. Define “why” you’re saving and constantly remind yourself of it
Keep yourself motivated to save by defining why you’re saving, and constantly remind yourself of it. Are you saving to take a trip to Europe next year?, pay off credit card debt?, put a down payment on a house?
Whatever your reason, write it down on a sticky notes and put ithem around your house. Seeing a daily reminder of what your goal is will help keep your savings on track.
7. Have a money date with yourself
This doesn’t sound like the most exciting night in. But, it’s important to stay on top of your finances.
Have a “money date” with yourself weekly or monthly and figure out how you’re doing. Check your credit score, look at what you spent over the past month and see if your budget is on track. Based on this, you can figure out if you’re already doing everything right or if there’s room for improvement.
These savings methods are just as effective as any savings app, and you won’t have to share personal information or clutter up your phone. Here’s to saving more and achieving your financial goals!
For more information on tools to help you save or how to get started with putting a saving plan in motion, visit nve.bank. You can also stop by a convenient NVE Bank Bergen County neighborhood branch, or call 1-866-NVE BANK (683-2265). NVE Bank, established in 1887, offers an extensive range of personal and business products and services. As a community mutual bank, NVE Bank is FDIC insured, doesn’t have stockholders and operates to benefit its customers and communities. The Bank maintains 11 offices conveniently located throughout Bergen County.
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