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Statement on Recent Bank Failures

Your inspiration for smarter saving is here!

Check out these great tips to improve your saving habits—and make smarter choices about your spending—today!

Start with these simple wins:  

  • Use bill pay. 
  • Sign up to Round Up and Save with your debit card.
  • Use a card with rewards! (We have rewards on both debit and credit cards.)
  • Open a Christmas Club or other special savings account. (With AirTeller, you can do this online.)
  • In AirTeller, add tags to your transactions. This makes tracking your spending even easier.

Zero out your money at the end of each day.

For example, if you have $24 in cash at the end of the day, put $4 in a jar, envelope or box. Deposit this money periodically to your savings account. If you have $253 available in your account at the end of the day, transfer $3 to your savings account.

Be mindful of spending for the wrong reasons.

  • It’s okay to tell friends you can’t afford something! It doesn’t mean you make less (or are worth less); it means you have goals and know it is better to be rich than to look rich.
  • Don’t let social media influence your spending.
  • Don’t use shopping/buying/spending as a reward.
  • Don’t binge shop.
  • Don’t try to impress people by the number of shopping bags you have.
  • Think before you buy! 
    • For any purchase beyond basics (food, medicine, fuel), don’t make a purchase until at least 24 hours after you’ve decided you want to buy it. Ask yourself these two important questions, too: 
      1. Is it something you need or just want?
      2. Is it for you, or to impress someone else?
    • For any purchase, consider the cost per use.
      1. For groceries and similar products, you can find the cost per unit with the pricing on the shelf. This helps compare similar items.
      2. With bigger purchases, think about how much you’ll really use the product. A fancy new camera is great for a special vacation, but is it really worth the price if you’ll only use it one or two times a year?
  • Splurging is okay occasionally, but don’t overdo it.  
    1. Better yet, every time you go a little overboard with your spending, put at least half of what you spent into your emergency fund.

Think before you drive.

  • With the current price of fuel, it’s important to plan every trip you make, whether it’s to the store or to Denver.
  • Try to get to a point where you’re filling your tank regularly.
    1. Most vehicles get better gas mileage when full.
    2. Fill your tank at the point you can afford—½ tank, ¼ tank—and fill up again when you get back to that point. 
    3. NOTE: Many stations are now holding up to $150 when you go to the pump. If you don’t have this available, your card will be declined.
  • Consider the way you drive.  
    • If it’s available on your vehicle, display fuel efficiency all the time and make it a game to get your mile per gallon higher.
    • If you can’t display fuel efficiency, calculate your mile per gallon each time you fill up.
    • Remember: Fast, aggressive driving wastes your gas. Slow down and calm down.

Fine yourself each time you indulge in bad habits.

  • Some examples: Smoking, gambling, cursing, etc.
  • Each time you do the habit, add your “fine” amount to your savings account. 
  • Not only will this add to your savings, it may also help you break those habits in the process.

Every paycheck, pay yourself first.

  • Do as much as you can without having to tap into your savings at the end of the pay period.  
  • Put this money somewhere that is hard to get to. (It’s not saving if you take it out for regular expenses!) 
  • Decide ahead of time the reasons you can use the money, which will help you decide where it should go. Keep separate accounts (at least on paper) for different reasons: Emergency, vacation, birthdays, etc. 
  • Make it easy with automation.
  • Ask how we can help you set up payroll deductions, automatic transfers, or enroll in our free debit card Round Up and Save program!

Keep a record of everything you spend.

  • Use a spreadsheet, free budget app, or even pen and paper. It doesn’t matter what you use; just use something! 
  • Review your spending regularly to understand how you spend your money. 

Talk with your family (living with you) about you-all’s finances. 

  • Use “bill paying time” for these conversations! Adults in a relationship should understand/know about the joint finances. 
  • It’s okay for one adult to be “responsible for” on a regular basis, but the other should know what’s going on.
  • To the level of their maturity, include your children in your household’s financial conversations.

Don’t let a lack of understanding of your finances stop you from dealing with them.

  • It is better to know if there are problems going on; they won’t go away on their own.
  • Facing financial problems can only make them better.

What tips have you implemented that have made a difference in your saving or spending habits? Let us know in the comments!

Posted in Financial Education

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