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Small Changes, Big Savings: 10 Habits to Save More in the New Year
The start of a new year is the perfect time to reflect on your financial goals and explore ways to build better money habits. At GNCU, we believe that even small changes can lead to significant savings over time. You can achieve greater financial security and peace of mind by incorporating simple yet effective strategies. Here are ten habits to help you save more in the new year with some additional guidance from your trusted financial partners at Greater Nevada.
1. Create and Stick to a Budget
A solid budget is the cornerstone of financial success. Start by tracking your income and expenses to understand where your money is going. Use budgeting tools or apps to set realistic spending limits in key categories like housing, groceries, and entertainment. GNCU’s financial planning resources can help simplify the process, ensuring you stay on track. Remember to revisit your budget periodically to ensure it reflects changes in your lifestyle, income, or unexpected expenses that have come up along the way.
Consider factoring unique localized costs—for Nevadans, expenditures like higher summer utility bills or rural commuting costs—into your budget. Carving out a section designated for year-round and seasonal activities (read: local tourism and recreation, sporting and community events, plus endless entertainment venues surrounding some of the country’s most sought-after travel destinations—looking at you, Lake Tahoe and Las Vegas!) can also help you prepare for all your adventures through Nevada’s distinct physical and financial landscapes.
2. Automate Your Savings
Set up automatic transfers from your checking to your savings account to make saving effortless. If you’re new to saving, try starting with smaller amounts at consistent intervals—even $25 per paycheck can add up quickly. Automating this process can simplify your efforts in building up an emergency fund or preparing for seasonal expenses, giving you peace of mind no matter what the year brings.
GNCU offers savings accounts designed to grow with you, helping you reach your goals even faster. GNCU members also enjoy exclusive incentives offered by our Greater Perks partners, such as local discounts and other benefit programs, making it easier to Live Greater and achieve your financial goals.
3. Build an Emergency Fund
Life is full of surprises—and having an accessible emergency fund can prevent unexpected expenses from derailing your finances. Aim to save for at least three to six months of your average living expenses. For residents of Nevada’s rural areas, having an emergency fund is especially important for managing unexpected travel or medical costs due to the distance from urban centers.
Not sure where to start? GNCU’s savings calculators can help you determine how much to set aside and how long it will take to reach your goal, with account options designed to see your savings grow!
4. Cut Unnecessary Expenses
Look at your spending habits and identify areas for improvement. Cancel unused subscriptions, adjust your grocery budget to allow for cooking at home more often, and shop with a list to avoid unnecessary impulse buys. These small changes can free up funds for more savings or be put toward debt reduction.
Nevadans can also take advantage of seasonal farmers’ markets, free community events, and state-specific discount programs to further reduce costs while enjoying the region’s many offerings.
5. Pay Down High-Interest Debt
High-interest debt, like credit card balances, can hinder your financial progress. Focus on paying off these debts as swiftly as possible, starting with the balances accruing the highest interest rates. If you’re a Nevadan or happen to be related to one, consider consolidating high-interest debt with a personal loan from GNCU to simplify payments and potentially reduce overall interest costs. GNCU members benefit from personalized debt consolidation options with competitive rates, designed to ease financial burdens.
6. Embrace Frugal Living
Frugal living doesn’t mean sacrificing what you love; it’s about finding ways to spend smarter on the things that matter most. Look for sales on staple items, use coupons on everyday essentials, and consider buying gently used items instead of new ones when your wardrobe needs a refresh. GNCU members often share creative saving strategies, and we’re here to inspire your financial journey.
Teaching financial responsibility early can also make a big difference for families. Explore GNCU’s Early Financial Education resources to help younger members of your household learn the value of saving and smart spending while building habits that last a lifetime.
7. Leverage Money-Saving Apps
Technology can be a powerful ally in your savings journey. Apps like Mint, YNAB (You Need A Budget), or GNCU’s mobile app can help you track expenses, set financial goals, and stick to your budget. Mint offers a clear picture of your spending habits, while YNAB helps you allocate every dollar for maximum efficiency. Additionally, you can explore apps designed to help you find local deals and cashback offers, which can help you save on everyday purchases and maximize your budget for more local experiences.
GNCU’s Digital Banking makes it easy for members to monitor accounts and set up alerts. It also integrates features like mobile check deposits and automatic savings transfers, making it easier to control your finances from wherever you are in Nevada (and beyond!) with a few clicks on your personal device.
8. Plan for Large Purchases
Avoid impulse spending on big-ticket items by planning for large purchases and vacations in advance. Research prices, compare options, and save up before you sign on the bottom line. If you’re a Nevadan and need additional funding, GNCU’s low-interest loans and financing options can help you manage significant expenses responsibly. Tap industry-leading auto loans or mortgage options to support larger financial goals while keeping costs manageable.
9. Invest in Your Future
Saving is essential, but investing is how you grow your wealth. If you haven’t already, consider opening a retirement account, such as an IRA, or explore other investment options. GNCU’s financial advisors can help you navigate your choices and build a plan that works for you. For members planning to stay in Nevada, take advantage of GNCU’s local expertise to align your investment goals with regional economic opportunities. Explore GNCU’s upcoming Seminars and Events to learn more about investing, saving, and other financial topics directly from our industry experts.
10. Celebrate Small Wins
Building new habits takes time, so celebrate your progress along the way. Whether paying off a credit card, reaching a savings milestone, or simply sticking to your monthly budget, take a moment to acknowledge your efforts. At GNCU, we’re here to cheer our members on every step of the way.
Nevadans can also look for inspiration in their local community. GNCU’s regional partnerships and member resources, such as discounted tickets to sporting games or access to educational programs, provide unique opportunities to reward yourself while staying connected to what makes our Silver State so unique. Explore activity ideas the whole family can enjoy with our exclusive membership benefits.
Greater Nevada: Your Partner in Financial Success
At GNCU, we’re committed to helping Nevadans achieve their financial goals with personalized support, innovative tools, and banking products tailored to their personal or business needs. Whether you’re building your first budget, growing your savings, or planning for retirement, we’re here to guide you.
Start your journey to greater financial security today. Visit www.gncu.org to explore our resources, connect with a financial advisor, or open a savings account that aligns with your goals.
Let’s make this the year where small changes lead to BIG savings and even bigger dreams.
