4 Simple Money Habits: Expert Advice for Our Community
At Peach State Bank, we’ve witnessed the power of simple money habits transforming the futures of North Georgia families. Have you ever reached the end of the month and found yourself wondering, “Where did my paycheck go?” If you have, you’re not alone; according to the American Psychological Association, finances are one of the most common sources of stress in adults. Many people assume they need a massive income in order to put aside savings, but that actually isn’t true. When it comes to healthy money habits, consistency is key. This article will take you through some small, manageable changes that can have a big impact on your spending and saving.
Your “Money Habits” Matter More Than Your Income
With enough time and dedication, your financial habits will become second nature. While small, incremental steps can feel like they aren’t making a difference in the moment, it’s important to remember the big picture. Small choices made daily will accumulate, grow, and compound into long-term achievements and goals. Once these habits become part of your daily routine, it’s like your wallet goes on ‘autopilot.’ Pretty soon, you won’t even have to think about it anymore!
Whether you’re saving for a new car, a down payment on a home in Gainesville or Braselton, or even a vacation, financial advice isn’t just for the wealthy or those who already have it figured out – it’s for everyone starting today.
At Peach State Bank, we’ve witnessed the power of simple money habits transforming the futures of North Georgia families. Have you ever reached the end of the month and found yourself wondering, “Where did my paycheck go?” If you have, you’re not alone; according to the American Psychological Association, finances are one of the most common sources of stress in adults. Many people assume they need a massive income in order to put aside savings, but that actually isn’t true. When it comes to healthy money habits, consistency is key. This article will take you through some small, manageable changes that can have a big impact on your spending and saving.
Your “Money Habits” Matter More Than Your Income
With enough time and dedication, your financial habits will become second nature. While small, incremental steps can feel like they aren’t making a difference in the moment, it’s important to remember the big picture. Small choices made daily will accumulate, grow, and compound into long-term achievements and goals. Once these habits become part of your daily routine, it’s like your wallet goes on ‘autopilot.’ Pretty soon, you won’t even have to think about it anymore!
Whether you’re saving for a new car, a down payment on a home in Gainesville or Braselton, or even a vacation, financial advice isn’t just for the wealthy or those who already have it figured out – it’s for everyone starting today.
Daily Habits to Help Save Money
1. The 24-Hour Rule for Non-Essentials
This rule will help you limit the amount of impulse purchases that are probably eating into your savings without you even realizing it. For things that are wants (not needs!), take a full day to really consider if it’s something you should spend money on. After 24 hours, if you’ve slept on the idea and still think it’s worth the investment, go ahead. This mindfulness will help curb knee-jerk purchases.
2. Check Your Mobile Banking App Regularly
You can further improve your ‘financial mindfulness’ by watching how your money flows in and out each day. With the MyPeach app (available for both Apple and Android products), you can check balances, transfer funds, pay bills, view statements, and make deposits all from your mobile device. With the convenient alert features, you won’t be surprised by any transactions or payments, giving you peace of mind.
3. Plan Your Spending
One of the best ways to manage spending is to anticipate and plan your expenses in advance. Make grocery lists, plan ahead, and opt to eat in and prepare meals at home when you can. Don’t forget to consider higher spending periods such as the holidays, vacations, and even unexpected costs like car trouble or health issues.
4. Automate the ‘Pay Yourself First’ Habit
By setting up recurring transfers directly from your paycheck into your savings account, you’ll accumulate monthly savings without even having to think about it.
Peach State’s Local Expertise Can Help
When it comes to the health of your savings, there’s no one more equipped to help than local financial experts. Unlike big national banks, Peach State understands firsthand the cost of living in North Georgia, and the opportunities and struggles that can come with it. We are proud to offer one-on-one sessions to review your goals and outline the necessary steps to accomplish them. Interested in knowing how long it may take to save one million dollars? Visit our Save a Million calculator.
To recap, some habits you can incorporate into your daily life are the 24-hour rule, checking the MyPeach app, planning your spending, and automating transfers to your savings account. If the options can seem overwhelming, pick just one to try for the next 30 days. Every little bit will help! For personalized financial advice from local experts, contact us today. We’re ready to help you take the next step in your financial journey.