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  • Jan 12, 2024

6 Money-Saving Tips To Grow Your Account in the New Year

The New Year is your time to obtain the financial security you desire. These six money-saving tips will help to grow your account immensely.

Ringing in the New Year calls for establishing a few goals. One of the objectives most people want to accomplish is to save more money. Use these six money-saving tips to grow your account in the New Year.

Cut Down on Subscriptions and Memberships

You likely have several subscriptions or memberships that go unused every month, even though you’re still paying for them. A surplus of streaming services or an untouched gym membership continues to diminish your savings.

Take a moment to go through your account statements and identify any recurring charges that might not be serving you well. Start by downgrading memberships and cutting those that you don’t need. You will be amazed how much this simple change can save you in the long run.

Shop With a List

Grocery store runs can get out of hand when you don’t have a list to guide you. You’ll find yourself spending $50 or more on junk food and items you already have in the pantry. With a clear list in hand, you can avoid impulse buys, stay organized, and stick to the budget.

Set Up Automatic Payments

When you set up automatic payments, you never have to suffer the burden of late fees. If you are signed up for GFA Online and Mobile banking you can manage your payments using Bill Pay. Simply add your recurring bills such as student loans, utilities, internet, and phone bills, and the money will come directly out of your account each month. This step will prevent the stress of missing payment deadlines.

Choose a Cash Back Credit Card

Cash back credit cards are amazing things; they allow users to earn a minimum of 1 percent back on every purchase. You can buy groceries, sports equipment, clothing, or everyday care items and earn money in return. With patience and diligence, you’ll see your savings rise in the new year. Learn more about the GFA Cash Back Credit Card.

Search For Discounts

Discounts are everywhere! Sometimes, you have to get creative to find them. Whether you need to download an app and sign up for rewards or cut out coupons in the newspaper, there are ways to cut costs when you put in the effort.

Make it a habit to look for coupons on the grocery items you buy every week. Try to go to the movies on discounted days. These little changes will make an immense difference.

If you have a GFA Checking Account you can have access to BOLT by GFA. A FREE perks and benefits program that saves you money on the things you already pay for, including deals at local businesses and national chains.

Refinance Your Mortgage

You may want to consider refinancing your mortgage to secure a lower interest rate or shorter term. This one step could lead to significantly lower monthly payments and a potential savings of thousands of dollars over the loan’s lifespan.

Be sure to explore all the refinancing options. Take the time to analyze and assess whether refinancing aligns with your current financial situation and long-term goals. Speak with one of our mortgage experts to discussion what option works best for you.

Growing your savings is feasible for the New Year when you implement these money-saving tips. If you’re searching for a credit union in Massachusetts, GFA is the answer! We have a wide range of services and a team that’s ready to help you achieve your financial goals.

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