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We want to be a one-stop home buying resource for you, and one way we’re doing this, is by providing helpful tips and information about the mortgage industry, buying and selling your home – and many other useful topics that you’ll likely encounter on your path to home ownership. We’re confident that you’ll learn something new every time you visit this page.

Tips for sticking to your savings goals

Tips for sticking to your savings goals

With the new year still in its infancy, it's not too late to add saving money to your list of resolutions, whether you're looking to build up an emergency fund, a retirement account or any other type of strategic reserve. But just as it's easier to count calories than to resist indulging in them, it's much simpler to make a budget than to stick to it.

Yet there are a few ways to build will power, resist temptation and manage to meet your savings goals in 2019 and beyond. Here are some tips for staying true to your budget:

Set ambitious yet attainable goals

The amount you want to save each month should be included in your budget, just as you allot a certain amount for rent, groceries and other regular expenses. The primary difference, of course, is that while you should strive to stay at or under budget when it comes to all of the latter categories, you always want to hit or exceed your savings goal.

To make sure you achieve those objectives, it's important to set a significant yet realistic savings goal based on what you need to spend on other essentials. Putting $5 a month into a savings account won't be terribly productive, but putting in $500 a month may not be feasible if you've never saved before and sometimes struggle to make ends meet. With the help of apps like Mint and You Need a Budget, you can set up a plan and get help sticking to it.

Plan ahead to avoid impulse buys

Impulsive purchases can become major roadblocks on the path to savings. To limit them, plan ahead before buying new items. That means making a list before grocery shopping so that your appetite doesn't end up making the selections for you, and doing comparison shopping online instead of grabbing something the moment you see it in the store.

Use the "wait and see" approach

It's also helpful to employ the "wait and see" method, in which you wait at least 48 hours before making a big purchase, just to make sure you really want it. Oftentimes, a little bit of reflection is all it takes to realize you don't really "need" that stylish new coat. 

If you do have to make an impulsive buy to take advantage of a limited-time deal, be sure to factor that into your budget and adjust your spending for the rest of the month accordingly.

To open a dedicated savings account you can start contributing to now, contact The Federal Savings Bank.