Growing your savings is easier said than done. It’s easy to plan out but difficult to get started. The intentions are there but nothing happens. But the question is why? So let’s try to go back to your financial habits. How do you treat money? Do you treat it the right way? Do you have bad habits that need breaking? We all have different reasons for saving money but no matter what these reasons are, the key to getting started is by adopting better money habits. Not sure where to begin? Read on for some tips you might find handy. 

Identify your bad habits

The first step to growing your savings is confronting your bad habits. Be honest with yourself and face reality. Ask yourself why you haven’t been able to save for a long time. Is it because of overspending? Impulsive buying? Failure to budget? Spending more than what you earn? Whatever these reasons are, you must be aware of where things have gone wrong. Identify what’s keeping you from being able to set money aside for savings. 

Recognize your attitude towards money

Your ability to save largely depends on your mentality and attitude towards money. If you look at money as something that should be spent as soon as you get your hands on it, then it’s time to change that mindset. Are you more excited with how much you’ll be spending upon receiving your paycheck, or are you looking forward to getting on track with your savings? Evaluate your attitude towards money and think about how it impacted your financial health in recent years.

Track your expenses

Tracking your expenses means being completely honest about where your money is going. This can be daunting and tedious to do but this is a “can’t-miss” financial habit if your goal is to grow your savings. Make it a daily habit to list down what you spent during the day. Write the corresponding prices. Also keep the receipts and credit card statements so you have references for whenever you need to check back on your purchased items. Having visibility over your expenditures can help you determine whether or not improvements can still be made with your spending.

Draw the line between your needs and wants

Not everything we want to buy can be considered necessities. There’s a fine line between needs and wants and that’s something we all need to identify. It’s okay to splurge and treat yourself every now and then but that doesn’t mean going beyond your budget just to buy things. Define your needs versus wants and stick to your budget when you can no longer afford the “wants”. Those things can wait anyway.

Review your budget

While creating a budget is an essential step to reaching your financial goals, sticking to it is equally important. When you find yourself constantly struggling to adhere to your set budget for the month, maybe it’s time to revisit it. Think critically about how to cut corners on each expenditure. Make it a daily habit to do a budget review so you are reminded of how much your outgoing cash should be.

Take a look at your billing statements

Scrutinizing billing statements is something people usually skip. However, you might save yourself a couple hundreds of dollars by simply taking a look at your billing statements. Keep an eye on your bills on a monthly basis. Do they remain the same month over month or do they fluctuate? If your bills vary by a few dollars every now and then, you might want to check the small charges in the monthly statements. Find ways to eliminate these charges as they accumulate over time.

Minimize your debts

While not all debts are bad debts, too much debt can leave you financially paralyzed. If you’re paying for a huge credit card bill every month, it’s time that you do something about it. A lot of the things we purchase using our credit cards are things we can actually live without. Reduce your credit card purchases as it will help you eliminate debts and start growing your savings.

Building your savings may not be as easy as it sounds but it’s definitely something anyone can do. Follow these simple and helpful tips to get you started on your journey towards financial fitness.


Also, keeping your savings in a credit union savings account is a great way to help secure and grow your savings. For more information, please feel free to contact Calcite Credit Union.