New Year’s Resolution: Saving Money in 2024

2024 New Year calendar with change in front of it

As we step into 2024, many Americans are prioritizing saving money for their New Year’s resolutions. January is the perfect opportunity to reassess your financial goals and explore creative ways to save money. With numerous avenues for cutting costs, the challenge may feel overwhelming, but we’re here to help! In this blog we’ll explore some smart money moves that will create a lasting impact on your budget and savings over time.

How Can I Save Money? 

There are many ways to build your savings in the new year. With so many resources and free apps out there, it’s wise to look at your finances and prioritize the most important things. But you’re not alone in this journey, we’ve compiled a list of tips that can help you kickstart your savings goals.

Automate Your Savings: Many employers utilize automatic payments by directly depositing pay checks into their associates bank accounts. One effective way to bolster your savings account is by scheduling a percentage of your paycheck to automatically deposit into your savings account. Even if employers do not permit additional bank accounts for direct deposit, you can still automate your savings using Armed Forces Bank’s user-friendly online banking services making it simple to schedule recurring transfers. When you check your savings account after a few months, you’ll be pleased to see how much your money has grown.

Savings Cents Program: Armed Forces Bank’s checking accounts offer a unique feature: The Saving Cents program. You can build your savings account by automatically rounding up your debit card purchases and depositing change in your savings account. To set this up, choose your preferred round up amount. Options range from the nearest $1 to $5. Every time you make a debit card purchase, we’ll round it up, and the extra change will be transferred to your savings each night. This is a quick and easy way to build your savings without thinking about it or sacrificing the things you enjoy.

Digital Budgeting Tools: Start the year on the right financial foot by utilizing helpful budgeting tools. Several apps and platforms— like Mint, You Need A Budget, and PocketGuard— provide real time insights into your spending habits. If using yet another app seems too overwhelming, Armed Forces Bank has multiple budget calculators which can help you objectively analyze areas to cut back on, empowering you to make informed decisions to save more.

Save Money in the New Year

As we embark on a new year, let Armed Forces Bank be your partner in achieving your financial goals. Curious about how you can save even more? Our Financial Education Specialists are here to answer questions, offer advice, and teach you how to be more money savvy! Contact us at FinancialEducationAFB@afbank.com for more information. Remember, small changes can lead to significant financial success over time. Let’s make 2024 the year you take control of your financial future!

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