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Why January is the Best Month to Start Saving

Blonde girl in green zip up sweatshirt sits at a table with a man and a woman and sticks coins into a pink piggy bank

Not only does the new year give you extra motivation to set new goals, but it also helps you plan far ahead of time for expenses later in the year. Maybe you need to save for summer vacation or for textbooks for your college classes. Whatever your reason for saving, we encourage you to start now and set tangible goals to keep you on track!

Setting Reasonable Goals

To get started, think about the year ahead. Do you have any trips planned? Will you be moving? If there are any out of the ordinary expenses you’re expecting, make sure you consider that when setting a savings goal. Next, you can use one of these three proven budgeting techniques to see how much money is available to put away after your monthly bills are paid.

Once you have a reasonable picture of what you can save, it’s time to figure out how you’re going to pull it off. Explore what kind of savings account options you have and other techniques you can use to save money. By creating a defined plan about where your money will go and how you can get additional cash to save, you’re more likely to find success.

Tools That Can Help

It’s important to know you’re not alone in your financial journey. There are plenty of resources you can use beyond the friendly faces at Highlands Community Bank. Here are a few accounts and tools you can leverage to give you the extra support you need.

Accounts to Help You Save

At Highlands Community Bank, we can offer three different savings options that customers can take advantage of. If you’re looking for a simple, no-frills savings account, Personal Savings is your best option. If you want an account that packs a little more punch with interest and have $1,000 to start off with, a Personal Money Market could be the best choice for you. If you want an account that helps you save for the holidays without even thinking about it, our Personal Christmas Club Savings could be all you need. This account lets you set up an automatic deposit each month and cannot be withdrawn prior to maturity.

If you’re looking for something more long term, we do also offer Certificates of Deposit and Individual Retirement Accounts.

Financial Apps That Help You Save and Make Money

If you have accounts, credit cards, and loans from separate institutions, a budgeting app may be the best way to keep all of your accounts in one central view. Try apps like Mint or Clarity.

If you want help finding new ways to save money, there’s an app for that! Apps and plugins like Honey searches for online sales and coupons for you as you browse. A platform like Trim will keep track of your monthly subscriptions, find ones to cut, and help you negotiate your bills.

Most people don’t have time for a side hustle but there are simple ways that you can make a little extra cash here and there with apps. Rakuten (formerly eBates) gives you money back for shopping at certain retailers. Apps like ReceiptPal and ReceiptHog gives you money back for uploading photos of your receipts. Finally, Google Rewards gives you a few cents for every survey you complete.

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