Ready, Set, SAVE!

Do you want to save but don’t know how to start?

Do you want to put something aside but you don’t think you have extra?

Don’t worry, your AUBanker is here to help you with these simple and practical tips to start saving.

#1. Begin with a budget.

Every savings plan starts with a budget. Budgeting helps you prioritize where your money goes and it can help you find that balance between spending and saving.

It doesn’t have to be complicated. Just jot down all your recurring expenses. Then, deduct all of these expenses from your income.

Here’s the catch, if you’re spending more than you are earning, then you should go back to your list of expenses and see where you can cut back. Think about what you really need first, before including the things you want. You will see a drastic change in your spending pattern.

#2. Pay yourself first.

Include the amount you want to save in your list of expenses. This will allow you to create a mindset that this has to be set aside on a regular basis. You’ll be amazed at how much difference this can make once you get into the habit of “paying yourself” first.

#3. Have a savings account.

It’s nice to have a piggy bank but having a savings account is a lot better. Have a savings account that would safekeep the money you are setting aside. Don’t mix it with your payroll account though. Open a separate account in a bank that can offer you good services and easy ways to help you build your savings.

In AUB, you can open a Preferred Savings Account and enjoy services that would make banking easy for you. With your Preferred Savings Account, you can avail of AUB’s online and mobile banking, which could actually help you keep track of and manage your savings better.

#4. Just do it.

Having a savings account is easy, all it takes is for you to set your mind on it. Just tell yourself, “I CAN and I MUST DO THIS!” and you’re off to a good start!

Happy saving!