People tend to spend more during the summer months. There are vacations, parties, and even back to school shopping. If your savings took a hit, don’t worry. Here are a few tips to start rebuilding.
Automate Savings
If you have direct deposit for your paycheck, take a little bit of it and have it automatically transferred into savings. This way you won’t have to think about it. Take a look at your budget and see how much you can responsibly take out of your paycheck and still have the funds for your necessities. It doesn’t matter if its $5 or $50, because anything more than $0 will help!
Sell Your Clothing
When you’re unpacking your suitcase after vacation, or putting your summer clothes away to make room for your fall wardrobe, maybe you see some items that you never actually wear. You can sell these clothes online or find a second hand shop. If you’ve only worn them a handful of times they should be in good condition. Take the money you make and put it back into your savings.
Look in Your Pantry
One of the habits people have after returning from vacation is to go grocery shopping. Before you spend a lot of money you don’t need to, take a look at what you already have. Going grocery shopping is not the problem. The problem is overlooking the items you can use that are in your kitchen or pantry right now. Make a list based on what’s needed and stick to the list. You’ll be saving money on groceries, and starting a great habit to build your savings.
If you’re looking for a faster way to grow your savings, SeaComm has options! With as little as $100 you can open a SeaComm money market account, which allows you to earn a higher yield on your funds, while still having flexible availability when the funds are needed. You may also consider growing your money with a Share Certificate, which enables you to invest the funds for a fixed period of time. Click here to learn about how you can increase your rate using our Enhanced Loyalty Rewards Program!