A new survey from Capital One Bank revealed that while people feel happiness and satisfaction from saving money, they also find it hard to actually save because of financial constraints and deep-rooted spending habits. Judging from my own experience, I have to agree. Even though I feel a lot better and less worrisome with a larger balance in our savings account, it takes a lot of sacrificing and focus to keep it there. I like my fancy lunches outside the office, and my husband loves to stop for coffee, before and after work each day. It also seems that once we hit a good solid amount saved, life tosses us a surprise. A costly surprise, like a fresh new medical bill, or auto repair. Both have made a real dent in our family’s savings.
The biggest motivator for us to save money, is knowing that our daughter will be going to college in just two short years. She works hard to bring home good grades, and is currently focused on a local college. When the time comes to actually decide, the last thing we want her to worry about is money. So, we’re doing our best to save as much ahead of time as possible. So, started taking my lunch to the office, and my husband has been filling his thermos before leaving each morning. We are both doing extra work whenever possible. It all helps.
How about you? Can you relate? Are you saving for your child’s education?
Financial expert Nicole Lapin is delighted to team up with Capital One Bank to help consumers ‘Challenge Your Savings’ to make saving up for those bigger purchases (like education) simple and easy.
Cut out one “luxury” item. If you have high-interest debt, cut out one luxury expense—like dining out weekly or a pricey monthly salon visit—and put use every available dime toward paying down your debt. This will give you a nice financial bump in two ways: 1) once the debt is gone, you’ll find yourself with even more “fun” money because you’re no longer paying off yesterday’s fun money with interest; and 2) you might find that you’ve lost a taste for those expensive habits that got you into trouble to begin with.
Work as a team. If you and your spouse are trying to save for a shared expense, such as the down payment on a house or a new car, set up a “matching” savings plan and get there twice as fast. You can easily track it all with 360 Savings from Capital One’s My Savings Goals tool. To add even more incentive, for every dollar your spouse saves against your goal, pledge to match a dollar. Not only does this method give you both skin in the game but a little friendly competition will move those savings along more quickly.
Take advantage of tax refunds. Stop seeing your annual tax refund as free money. It’s not free money; it’s your money. As soon as you receive your refund, transfer those funds directly into your savings account to give it a bonus boost.
The first tip really works for me. I was spending a good $10 to $15 a day on lunch. That has made a nice increase in our deposits into our daughter’s savings account towards college. Working as team is also we’re good at.
When it comes to reaching financial goals like saving for education, Nicole encourages individuals to get into the nitty gritty – no detail or expense is too small when you’re trying to get a sense of your overall financial picture, especially when it comes to saving. You can watch the video below to get a better picture of how to effectively plan and save up for a college education for your children.
Capital One 360 has great tools that can help make saving easy, including:
My Savings Goals. The My Savings Goals tool allows customers to easily articulate their saving aspirations by creating customized nicknames for each goal they set up. Customers can set goals, track progress and celebrate saving milestones.
Aromatic Savings Plan, it works for us. An Automatic Savings Plan allows you to maximize your savings by having a fixed amount of money regularly transferred from your linked checking account to your online banking account, giving you the higher interest.
At Capital One 360, customers can even set up automatic transfers from their 360 Checking to 360 Savings accounts. Setting up an Automatic Savings Plan is an easy and excuse-free way to stick to financial goals and resolutions.
So many helpful tips!
Capital One Bank prides itself in helping individuals get more out of their savings. That’s why their 360 Savings accounts require no fees, no minimums and provide great interest rates that better support and get you to your savings goals faster.
Do you have any money savings tips to add? What works, or what doesn’t work for your family?
This post is sponsored by Capital One Bank. All opinions expressed are still honest and my own. This blog post contains no affiliate links.