Many people today are finding it harder than ever to save. But when you don’t have savings, your finances are vulnerable in the case of unexpected events, like a major car repair or healthcare bills. And you may find it challenging to achieve your financial goals — whether you want to pay off college debt, save to splurge on a dream vacation or build up a home down payment.
So what do you do? Read on for ideas to help you find the money you need and steps for setting up a success plan to meet your goals.
How you can find money to save
Start by tracking all the money you spend for one month. Include fixed expenses, like rent, plus variable costs, like groceries. Then see where you can make cuts — or how you can add income — to find “new” funds to put toward your goals.
Here are a few ideas to get you started:
How to reach your financial goals
Once you know where the money is coming from, focus on what you’re saving for. These steps will help you get started and stay motivated.
When you do make progress, reward yourself. Remember that piece of your budget you set aside for fun? Now’s the time to use it!
Follow your dreams
Even when money’s tight, it’s important not to give up on your dreams. Using the tips and steps above can help you make them happen. And at Hancock Whitney, we’re here to help, too. In fact, right now, we’ll give you $251 just for opening our silver savings account2 — a great place to stash cash for your goals, plus a little starter fund.
Click here to learn more.
1To be eligible for the savings promotion: A Silver Savings account, with new money, not currently held by Hancock Whitney Bank, must be opened with an opening deposit of $500 or more by 6/30/21. The promo code is required at account opening. The email given at account opening must match the email address submitted to get the offer promo code. Then, maintain an average monthly balance of at least $500 through 8/31/21.
The $25 savings bonus will be based on the Silver Savings average monthly balance as of 8/31/21. If your account meets the criteria, and remains open and active, we will deposit the $25 savings bonus into your new Silver Savings account within 6 weeks after the qualification expiration date of 8/31/21. Bonuses are considered income and will be reported on IRS Form 1099-INT. This offer expires on 6/30/21; however, the Bank may change or discontinue this offer at any time before this date without notice. This Silver Savings offer is non-transferable and cannot be combined with other offers. Only the client to whom this offer is addressed is eligible for this offer.
2For a Silver Savings account, the Annual Percentage Yield (APY) of 0.01% is effective as of 4/1/21, in all states. Note that interest rate is variable and subject to change at the Bank’s discretion. Fees may reduce earnings on the account. $100 minimum opening deposit is required to open account. No minimum balance is required to earn interest.
The Bank will charge a $3 transaction fee for any withdrawal in excess of three per month.
Hancock Whitney Bank, Member FDIC. Accounts subject to credit approval. Terms and conditions apply.
Sources:
1. “How to Set Your Financial Goals for Success,” Bola Sokunbi, Clever Girl Finance, updated Jan. 23, 2021, https://www.clevergirlfinance.com/blog/setting-financial-goals/