What Does Strategic Saving Look Like in 2024?

Most people can agree that everyone should save but rarely take steps to put their money in a savings account. Saving does take a little bit of effort, but the payoff is often worth it. As we enter into 2024, Southside Bank is committed to empowering people with the knowledge and tools to help achieve their savings goals. 

Speaking of savings goals, what are yours? A house? A car? Maybe it’s a new phone or an education. If you don’t have a goal, it may be time to go to a coffee shop and start brainstorming what you’d like to save for. Remember, having something to save for can motivate you to save more. 

If you don’t have a goal yet, you may want to consider one of these common ones: 

• Saving for an emergency fund. It’s most often recommended you have 3 to 6 months' worth of your expenses saved.  

• Saving for a big item, such as a home, car, or education.

• Saving for a vacation or experience. 

• Saving for retirement or investing. Putting away extra money for investment purposes could help later down the road as you reap the return on your investment. 

It’s one thing to have a goal, but most people wonder what the best steps are to make it a reality. Here are a few strategic and practical ways you may want to start putting money away:

• Budgeting. Budgets take time and effort to create but can help you become financially stable. Read our blog on budgets here.

• Cut spending. A part of budgeting involves cutting unnecessary spending such as eating out frequently or overspending.  

• Tax returns. Many people get money back from their tax returns. This year you could plan to allocate some of those funds toward a savings account instead of spending. 

• Automate savings. Every dollar you save brings you closer to your financial goals, no matter how small. You can automate a certain amount to go from your checking account or paycheck toward savings each month. 

Strategic saving in 2024 is about setting clear goals, adopting disciplined savings habits, and making informed financial decisions. By prioritizing what you want to save for and taking simple steps toward savings, you can pave the way to a more secure and financially stable future. Start today by opening a savings account at southside.com/savings.

The content in this blog is for informational purposes only and is not an offer or solicitation to buy or sell any securities, and should not be relied upon to make any investment decisions. The goals and strategies for optimal savings are different for each person based on their unique life situation. We recommend talking to a financial advisor for official advice.