FINANCIAL WELLBEING

Mental health and financial safety are strongly linked. After the holiday season people may experience financial strain and want to make 2023 a savings year. Most of us have the desire to save money. However you may find yourself struggling to reach your savings goal if you don’t implement good financial habits. Being mindful of your spending can help you save money, regardless of your living expenses or income. You may also find it helpful to start off by saving a small amount each week, as this will help build your confidence and your amount saved will increase over time. Here are some tips to help you along your savings journey:

Set up a savings account

It can be beneficial to open a savings account so that you can transfer money into each pay. Your bank may even have the option to set up automatic transfers. You can either transfer a fixed amount or a percentage of what you earn into this bank account. It’s important to make sure you’re regularly transferring money into this account, as this will help you reach your savings goal.

Create a savings goal

Creating a savings goal will help motivate you in your saving journey. Start by creating a main goal of what you would like to save for and allocate a dollar figure. Then create a smaller goal on how much you would like to save each week or month. Keep this goal in mind if you’re cutting back on certain expenses or transferring money into your savings account.

Review your expenses

Understanding where you’re spending your finances can help you create a budget for your outgoing expenses and help you implement a savings plan. Reviewing your expenses can also enable you to make small adjustments to your spending, such as buying less take away food or discontinuing a subscription service that you no longer use.

Be mindful of your spending

Being mindful of your purchases can help limit your spending on non-essential items. A good way to do this is to consider how useful the item will be and whether you already own something similar to it. You may also want to think about the item for a few days before purchasing it. If you’re buying an expensive item, consider the long term value of the item and do some research to ensure you’re purchasing it at a good price.