Money Saving, Investment and Budgeting Tools & Tips
When you put your money in the right place, it can grow big enough to do some pretty amazing things. But knowing how to save money and accessing money saving tips can be overwhelming.
We're here to help you build greater confidence in your ability to save and show you the best ways to set enough aside to reach your long-term (retirement anyone?), short-term (hey, nice couch), and every-term-in-between goals (Aruba in January? You bet.).
How to Save Money with Good Habits:
- Pay yourself first
If you wait to see what’s left over, you are less likely to save. Determine in advance how much money to deposit into a savings account each month. If you receive a raise, increase the amount of money deposited into your savings account.
- Take advantage of technology
Consider automatic payroll deductions or automatic transfer from checking to savings, which can be set up in online banking. Arrange to have a specific amount transferred to your savings account every pay period.
- Pay your bills on time
Although 96 percent of Americans pay their bills on time, some find themselves paying late fees. Alleviate the hassle by scheduling time to pay bills, and put them in the mail with enough time to get to the creditor. Better yet, pay them automatically within online banking.
- Determine needs versus wants
Do you need to eat out every day for lunch? Do you need that gourmet cup of coffee in the morning? By bringing your lunch to work a couple days a week, you can save hundreds of dollars a year.
- Consider investments
For long-term goals, such as saving for a home or retirement, look into bonds, mutual funds, real estate and stocks.
- Set savings goals Download our worksheet or develop your own
Automate your savings:
- Set your goal
- Work your budget to determine how much you can save
- Decide how often you will save: weekly, bi-weekly or monthly
- Open/ designate a savings account to keep your savings separate from your checking account
- Set up an automated transfer from your checking account to your savings account:
- Periodically review your savings goals and how much you are saving
Save for Retirement No Matter Your Age
- It's always a good time to be saving for retirement and with just a few adjustments to your monthly budget, you can make even small contributions that add up. Use our retirement choices tool to get started.
Build a Savings Cushion
- Use a savings account for overdraft protection so that you have confidence that your accounts will always stay in the positive. Think about all of the decisions you have to make in any given day. With your attention being pulled in so many directions, it is not impossible to imagine that you can lose track of your checking account balance. Overdrafts can and do happen but there are several overdraft protection options available to help.
- Pittsburgh families can take advantage of the Fund My Future savings program
- Strategies for saving for college at any age
- Understand the basics of retirement savings
- Bulletproof your retirement savings