Spring into saving money and watch your balance grow. Tending to your savings account gives you security when the unexpected happens. A savings account, along with other tools, is a good starting ground to help your savings goals flourish. Below includes a few seeds to help grow your savings in 2023.  

Open A Savings Account 

The advantages of opening and maintaining a savings account include motivation to save money, easy access to your funds, and knowing that your savings are not only protected, but also earning interest. 

At Banterra, we offer a variety of savings account options that include traditional savings accounts, money markets, CDs and more. To determine what account is best for you and your finances, you can visit our website, or read more on our blog.  

Create A Budget 

An increase in your savings is conditional on what is left over after your monthly expenses. Likewise, making sure there is enough left over is dependent on your budget. Budgeting can be one of your most helpful tools, allowing you to organize your income, spending, and savings amounts. Categorize your budget into your expenses (needs or priorities), the amount you are contributing to your savings, and what remains can be spent on other items (wants or non-priorities). Helpful first steps to budgeting include: 

  • Create a budgeting plan and format 

  • Calculate your income after taxes 

  • Automate your savings 

Evaluate Spending Habits 

Simply put, the less you spend, the more you save. Evaluating your spending habits allows you to identify where you spend your money. One way to easily track this is to utilize your Banterra Visa® Debit Card for your purchases.  Your analysis will show unnecessary purchases, making it easier to compare it with your budget to see where some of your spending needs to decrease. Planning, and adhering to your budget, will help prevent overspending. By keeping your savings goal top of mind, you can help enhance the opportunity for growth. 

There is no better time than now to start increasing your savings. Plant these tips into your daily finances and maximize your savings in 2023. If you have any questions about our personal banking services or our savings accounts, reach out to our team. Happy saving!