We all love finding cash in an old pair of jeans. It sometimes feels like a payment from your past self. While a savings account might sound substantially less cool, learning how to save can help your finances in a bigger way than the occasional pleasant surprise. Let’s look at some helpful tips for saving money that might just come in handy for your future self.
Why saving matters
With steady savings comes a peace of mind and freedom of thought that lets us focus on the things we enjoy. Setting aside funds, however small, can help buffer against rainy days, prepare for major milestones and maybe get money working for you through investment. Learning a few fundamental tips for saving money might also reinforce a few key financial habits that could translate into other areas of personal finance, like debt management and credit building. Whenever you save, you make a payment to your future self — a payment that said future self will likely appreciate.
How a bank’s mobile app can help with saving for life’s milestones
Modern times call for modern tech. You probably mow your lawn with a lawnmower, not a scythe — so why not give your banking a similar upgrade? Nowadays, many financial institutions have their own mobile app to help streamline the basics of financial management, be it budgeting tools or money saving. The Chase Mobile® app, for example, comes with a built-in Autosave feature that lets customers automatically transfer money from their Chase checking account into their Chase savings account. Another strategy to consider may be to add any funds that come in a specific form to go straight to savings. For example, should you receive a check for any reason, you may want to deposit those funds into your savings account. By using Chase QuickDeposit℠ you can deposit checks securely from your mobile phone or tablet right into the account of your choice.
Checking with your institution about their mobile banking app can help you access the best tools for reducing the friction that typically accompanies trying to save. Keeping your personal finance systems updated with the latest tools and technology may help you keep an edge on financial management.
How to save for a car
One of the first major financial milestones for many is buying their first car. Saving for a car can be a great way to learn the ins and outs of budgeting, borrowing and personal finance. Once you’ve settled on the perfect car for you, estimating your down payment could give you a clearcut initial savings goal to start working toward. Factoring in additional car-related costs can also help prevent unforeseen surprises; insurance, gas and car maintenance are all continuous costs that will need to become part of your budget.
Once you have your down payment in mind, and your ongoing costs calculated, you can start focusing on saving. This is where taking advantage of budgeting apps to use with Chase checking and eligible Chase credit card or a mobile banking app with automated saving features can come in handy.
How to start saving for a house
At first, homebuying might feel like a far-flung fantasy. But once you learn how to start saving for a house and develop a sound strategy, making your new home may start to feel like an achievable reality.
Once you’ve decided what kind of home you want, you can plan accordingly. Typically, the largest expenses in the homebuying process are the down payment and closing costs. Setting these as your first targets can guide your savings strategy and help estimate when you might be able to walk through your new front door.
A potentially handy savings tip for buying a house is using any salary raises to increase your contribution to savings while keeping lifestyle expenses constant. This, and any surprise windfalls you receive, may help accelerate your homebuying timeline.
How to save for a wedding
Though the attention should be on the knot-tying rather than the penny-pinching, weddings — as magical as they are — don’t come cheap. If you’re wondering how to save for a wedding, creating a priority list can be a helpful first start. Weighing which aspects of your dream wedding are most important to you can help ensure fewer compromises are made once the real number-crunching begins.
Using a joint savings account to house your wedding funds can make it easier for you and your significant other to start contributing towards the big day. Equally important is establishing hard numbers regarding budgets for locations, catering, attire and accommodation. This gives you clear-cut, trackable goals to work towards. Couples that keep a watchful eye out for deals may save money and put those extra funds where it matters most to them when their wedding day arrives.
Even the best tips for saving money can’t do the work for you — but a mobile banking app like the Chase Mobile® app can help with any heavy lifting. Establishing clearcut savings targets that you can track and plan for can help you stay on track during the journey to important milestones. Expense tracking, budgeting and basic financial management are irreplaceable ingredients to successful saving. A banking app can help you automate many of these essential tasks, freeing up your focus while you keep saving in the background.