Monday, April 15, 2019

Taking Advantage of Sunny Days with Savings

Let your savings accomplish what you want from your life. See your child graduate from college, hike the Grand Canyon or be courtside when your team wins the championship.

Get a head start with these tips

1. Start small and increase over time

Setting financial goals is a great first step, and so is starting a regular savings habit - no matter the initial amount. Try setting a small percentage of your income aside to start. As you become more comfortable, you can start increasing the amount you save.

2. Spend less than you can afford

“Trick” yourself into saving more by basing your budget on an income that’s actually less than what you earn. For example, budget as if you earn only 85 percent of your income. Then make simple changes to your spending habits to free up even more of your funds for your savings. Our savings calculators make it easy to find places to reduce your spending.

3. Find opportunities to spend less

While an extra 50 cents here or there on everyday expenses may seem harmless, it can add up. Comparison shop online and with discount apps, and look for places to conserve.

4. Manage excess funds carefully

After receiving a bonus or raise at work, making a big purchase can sound exciting. Prepare a list of financial priorities to curb those temptations when you find yourself with excess cash. The highest priorities should be debts, with saving for sunny days lower on the list.

5. Automate your savings

Automated money transfers make saving so easy, you don’t even have to think about it. Take advantage of your banks’ access services such as scheduled transfer, direct deposit and bill pay to save regularly and avoid late fees. Signing up for these services is simple with OneWest bank online banking. If you need help, contact your local branch.

6. Choose the right savings account

Some savings accounts can help you build your sunny day fund more easily than others. The right bank should offer personalized customer service and guidance on managing your money wisely. Choose a bank that also offers attractive account promotions, like OneWest Bank’s exclusive rate for a new Premium Money Market Account.

You never know what’s around the corner. With savings set aside, you’ll always be ready to take advantage of a little sunshine.

OneWest Bank does not provide investment or legal advice. Please consult with a financial planner to determine the appropriate investment strategies.