Experts share tips on saving money for new year

JACKSON, Tenn. — One of the most common New Year’s resolutions is the desire to save more money and budget better.

The first thing you can do is also the easiest: automatically transfer money to a savings account.

“Every time a payroll comes in, to automatically shift some money over to a separate savings account. That way it’s happening without you having to think about,” said Leaders Credit Union member service representative Jonathan Jones.

Jones says it is also helpful to have multiple accounts dedicated to different needs.

“One of the things I’ve found that’s helpful for a lot of people is to have an account structure that mirrors your budget. So, many members, maybe they take advantage of having a couple different checking accounts, one for bills, one for spending,” Jones said.

Even if you live paycheck to paycheck, there are options to help jump start your savings, including an account where you only need $25 to start.

“Everything from great rates on savings accounts, fast forward savings that saves at two percent. Often times we feel like we’ve got to have it all figured out, that we have to do it on our own, and that’s just not the case,” said Leaders Credit Union vice president of community engagement Karen Freeman.

Setting back as little as $20 a month can help you build your savings.

“When we make a budget, maybe it’s on a piece of scrap paper, maybe it’s on an Excel sheet, there’s no wrong way to make a budget,” Jones said.

“There is so much shame associated with money. We want to make sure that is expelled. We want to make sure that our members feel comfortable having the conversation,” Freeman said.

Some banking institutions also offer free financial meetings with members every year.