UFC20-0176_Social-Media_Savings-Goals_Blog-Image_576x384_v1

How to Meet Your Savings Goals

 

Each new season brings a new opportunity to save. Whether you memorialize the moment with a resolution or you just have a general goal to save for your next big purchase, the right savings plan and the right follow-through can help you reach your goals. Here are 3 tips to help you meet your savings goals sooner.

Step 1: Have a Plan

The first step to reach your savings goals is, logically enough, to have an actual goal. What are you saving for? How much do you need to save each month to reach your savings goals by a specific date? If you’re saving for a new home or a new car, or a long-needed vacation, know how much you need to save and plan out specific month-by-month and year-by-year goals. Include this savings plan as part of your monthly budget, so you know how much money you can afford to save while still meeting your other obligations.

Step 2: Have a Dedicated Savings Account

Especially if you have long-term savings goals, it makes a lot of sense to put your money in an account that can yield you higher returns. A money market account is a great option: it gives you three distinct benefits over other savings and/or investment accounts. First, you don’t have to give up access to your money. You can make a certain number of withdrawals every month, just in case you run into an emergency. Second, it’s a no-risk savings plan. Your money is federally insured, so you don’t have to worry about incurring losses in a volatile market. Finally, you’ll earn higher interest with unlimited deposits. So, the more you save, the more you’ll earn.

Step 3: Track Your Progress

Even the best savings intentions can fall by the wayside, if you’re not careful. Stay vigilant with your savings. Check every month to see if you’re keeping pace and saving enough money to meet your goals on time. Look for reasons you may not be saving as much as you like and try to make adjustments the following month. Try to find extra money in your monthly budget (perhaps you’re not spending as much on food or entertainment as you expected). Take the surplus and put it into your separate savings account. Saving money can be a balancing act, but as long as you’re staying on top of your finances, you’re more likely to follow through with your goals.

Your savings journey starts now! To help you on your way, consider opening a Utah First money market account to get returns that are head and shoulders above the competition. Compare rates with the other banks and you’ll see that a Utah First money market account can help you reach your savings goals faster.

News & Events
Apr 15, 2021 / Auto & RV

Cars can be expensive. There’s the purchase price, the cost of financing, the cost of maintenance and repairs, and last but certainly not least, the cost of gas. That latter of which, in particular, has been on nearly everyone’s mind, every time they pass the pump. With all these...

Apr 07, 2021 / Home Equity

Spring is here, and among other things that means spring cleaning and home-selling season are officially underway. If you haven’t been paying attention to the Utah housing market, it’s apparently the hottest in the country. With historically low inventory and high demand, each new...

Mar 24, 2021 / Auto & RV

Have you ever bought a new or used car, knowing it wasn’t going to get great gas mileage? Maybe you focused on the pros and looked past the cons. Or, maybe you just ignored the MPGs because you were so excited about your new purchase. Whatever the reason, after a few trips (per week)...

Corporate
200 E South Temple
Salt Lake City, Utah 84111
800-234-0729
Monday - Friday: 9:00 am - 5:30 pm
View In Google Maps
Routing & Transit Number: 324079500
NMLS # 446035

Utah First Federal Credit Union is federally insured
by the National Credit Union Administration.