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It may seem impossible to think about saving money around the holidays, but the truth is, it is important to maintain a constant routine of saving, regardless of the time of year. Once you begin a savings plan, sticking to it is crucial.
Sadly, you cannot predict when unexpected expenses, like car repairs, may occur. Rainy day savings can be very beneficial in situations you may not be able to control. In fact, it is recommended to save at least three months’ salary in a “rainy day fund” in the event of an unexpected hardship. Preparing now can save you a lot of stress in the future.
One way to help you save is having whatever amount you choose to save automatically deposited into a savings account from your paycheck. That way, it will seem as though the money never existed (since you did not see it leave your checking account). It is also good to set up different savings accounts for different purposes. You can even individually name your Pittsford FCU savings accounts through Internet Banking.
Knowing there is a purpose for what you are saving can help you think twice before transferring money out of your savings. For example, if you’re saving for a house, car, wedding, or simply “just in case,” seeing that you are taking money away from something that is important to you might cause you to second guess transferring money to pay for a spur-of-the-moment indulgence.
Finally, don’t let certain events, like the holidays, derail your savings goals. If holiday expenses stress you out, you may even want to create an account dedicated to saving money now to help you prepare for next year’s holiday season. That way, when the time comes, you can be confident you can continue to reach all of your savings goals.