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Painless Cost Cutting Tips to Jumpstart Your Savings!

Most of us know that we could probably be doing a little more to add to our savings account. Whether you are building an emergency fund, starting to save for retirement or have something special planned, setting aside a little money today is a small sacrifice to work towards something important in our future. It may not be your favorite thing to do, but it doesn’t have to be too hard! Here is a quick list of small things that can give you a head start:

  • Smell That Morning Coffee Brewing – According to a report from US News, the average American spends about $2.70 each morning on a standard 8-10 oz. cup of coffee. That’s $34.56 per gallon. Imagine going to fill up your car in the morning and seeing that price at the pump! We know it’s easy to grab a cup of joe on the go, but if you’re looking for a fairly easy place to start saving, look no further than making coffee at home or at work.
  • Cut Down on Your Commuting Costs – Uber and Lyft are amazing and convenient; we’re not going to disagree. However, the ease and convenience of ride hailing apps also means you likely underestimate just how much you spend each month. Taking public transportation whenever possible or riding a bike to work if you live close enough is a great way cut costs.
  • Cancel Unnecessary Subscriptions – It seems like everything these days is just one click away! The problem is, we often download apps or sign up for subscription services and forget about them. What happens then? That free trial expires, or the monthly subscription price goes up, and each month a little chunk of your hard-earned money gets taken out of your account unnoticed. Do a thorough audit of your bank statement and smart devices and cancel any unnecessary or unused subscriptions. Try to downgrade any premium subscriptions you don’t use often to the basic, cheaper plans. The savings will add up!
  • Break Out the Tupperware – Buying lunch is another favorite pastime for most of us that eats away at our paychecks more than we would like to admit. There’s nothing wrong with enjoying a freshly prepared meal at your favorite café once in a while but eating out every day can add up. If you need to set aside a little more each week, pack your lunch to cut down on your daily expenses.
  • Create a Realistic Budget – One of the most effective ways to save money across the board is to set up budgets for each expense category and stick to them. Whether it’s for weekly groceries or holiday shopping lists, the urge to impulse buy will be easier to overcome if you know exactly how much you have to work with beforehand.

Making small cost cutting changes like these can help breathe new life into your savings. Once you’re ready to start saving, your next decision is where to keep those savings, and Mechanics Cooperative Bank offers a variety of savings account products that fit your needs and goals. Learn more online or stop by a branch to speak with a representative about which account is best for you!

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