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Nov 01, 2023

Smart Money Moves: 5 Ways to Cut Costs and Save More

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October 31, in addition to being the spookiest day of the year, is National Savings Day. Don’t let the idea of saving spook you – here are five tips to help you cut costs and put more toward your savings goals.
Automate transfers so you can contribute to your savings without a second thought.
With all life’s demands, you have enough to remember as it is. Check “transfer to savings” off your to-do list and automate a pre-determined monthly amount into your savings account. You can always make additional contributions if you find extra room in your budget! Set up auto-transfers in Digital Banking so you can sit back, relax, and watch your savings grow.
Track your spending.

It’s easy to let your spending get away from you when you’re not thinking about it! Knowing how much you’re spending lets you see where exactly there’s room to save. Regularly monitor your transactions online and utilize tools like our Financial Tracker to understand your spending habits, patterns, and what you can (and can’t) cut down on.
Refinance to cut down monthly costs.

If you got stuck with a monthly mortgage or auto loan payment when rates were higher than they are now, we have good news – you can take advantage of better rates by refinancing. When you apply to refinance, a professional will evaluate where you’re at, where there are opportunities for improvement, and what options you have to consider moving forward. TruStone offers Mortgage and Auto-Loan refinancing so you can save more for the things you want while lowering the cost of the things you need.
Consider opening a Certificate so your savings remain untouched for a set period of time!
Do you transfer to savings only to move that money right back into checking days later? A Certificate might be a good option for you. Certificates require your funds to stay in the account for a certain period of time with the benefit of greater dividends than most other savings accounts. Dividends are issued quarterly and at maturity, when your Certificate’s allotted time period has passed. There is a penalty for early withdrawal, so we would recommend putting a chunk of your total savings into a Certificate rather than going all in. You can learn more about our Certificate options here.
Evaluate your bills and seek out the best deals.

People often stick with their providers due to convenience rather than competitive pricing. Check out what you’re paying for your cell phone and internet plans and compare their prices with other companies. Often, signing up for a new plan comes with benefits like a new phone or free subscriptions to streaming services. See where you can bundle and save!
Now that you’re set up for saving success, it’s time to get back to thinking about those goals. Grab a pen and paper (yes, the old-fashioned way), start brainstorming and read our Set SMART Goals blog to kick off your journey. Happy Saving!

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