January 29, 2025
Categories: Education & Security, Financial Planning, Reaching My Summit
By Dawn Kellogg

One New Year resolution that is always at the top of my list is saving more. Whether I am looking at growing my emergency fund, or saving for a large purchase or vacation, at this time of year I traditionally make it a point to revisit my budget, to see where I can put more money into my savings.
Here are some tips and tricks to get you started on the road to a financially healthy 2025.
Make (or revisit) Your Budget
The best tool that you have in your toolbelt is a comprehensive budget. There you will see how much money you have incoming and how much you have outgoing. This is a working document and will change as your needs and lifestyle changes.
Track Your Spending
Track your spending for at least one month. Write down every purchase. (Be honest!) It’s amazing how little expenditures add up. See where you can make some spending cuts so that you can set aside more for later needs.
Pick One Guilty Pleasure to Cut Out
Choose something that you can live without such as morning coffee, fast food runs, or regular manicures. Take the amount that you would spend on those things and stash it in your savings account.
Break overspending Habits
One thing that can totally derail your saving plan is living outside of your means. When you are pondering buying a luxury item, think twice about it. Wait a day or two, or talk to someone who’s opinion you value, before making a purchase to determine if it is truly necessary.
Eat at Home
Consider eating at home more often. Focus on meal planning, and instead of ordering food to be delivered, buy your own ingredients and make homecooked meals the norm. You’ll be amazed at how much you can save!
Shop With a List
It’s a proven fact that if you go to the grocery store without a list, you will end up buying things you don’t need. Impulse buys do add up. Shop with a list and stick to it.
Other Ways to Save
The Summit offers a RoundUp Savings account that is a virtually effortless way to save. You spend using your Summit Visa® Debit Card, your purchase is rounded up to the nearest dollar and the difference is deposited in your RoundUp Savings account. We’ll even reward you when you hit certain milestones. Click here to find out more.
Just making a few little tweaks to your spending habits can make a world of difference to your savings goals!