Growing up, many were advised to avoid simply following the crowd.
This guidance, often shared from one generation to the next, was rooted in the belief that independent thought leads to better outcomes.
However, as time goes on, it becomes clear that sometimes, following the crowd can yield positive results—especially when it comes to tackling everyday financial challenges, like saving money. For many, including parents and children alike, managing savings is a constant struggle. Whether preparing for unexpected expenses or planning for significant future events such as retirement, identifying methods to save remains a common financial hurdle.
To uncover practical and effective solutions to the ongoing challenge of saving money, social media followers were invited to vote on the best saving tips!
1. Implement Small Changes to Start Saving
At 21, living independently for the first time, Christine Aleo, a branch manager at Citizens in Hannaford, NY, realized that managing money better was crucial. With rent and other expenses, her budget left little room for saving toward financial goals—until she had an eye-opening moment.
While in a coffee shop, she saw a sign that read, “What would you do with $2.74?” Christine quickly did the math and realized that saving just $2.74 daily would add up to $1,000 by the end of the year. She now shares this simple yet powerful tip in financial literacy classes.
2. Take Advantage of Tools Like Direct Deposit
Daniel Kadis, a relationship manager in Solon, OH, is passionate about teaching the value of saving, a lesson he didn’t fully learn until his 30s. He now shares his knowledge with others, especially encouraging them to utilize tools like direct deposit. Many people assume they don't earn enough to save, but Kadis advises setting aside even a small amount of money into a savings account via direct deposit.
As income grows, the amount saved can increase, making saving easier over time. His children have adopted this habit by saving portions of their allowance.
3. Evaluate Spending Habits
Melissa Burke, a branch manager at Citizens in Amherst, NH, has learned from many savvy savers during her 20 years at the bank. As a single mother, she had to budget carefully and was introduced to the idea of no-spend days by a customer. At first, it was challenging to stop and reconsider every purchase.
But over time, it helped her identify where her money was going and plan ahead. On no-spend days, she would focus on budgeting essentials and realized how impactful such habits could be. Now, she frequently practices no-spend days and encourages customers to do the same.
4. Find Ways to Cut Your Spending
Nick Failing, a branch manager in Rochester, NY, is committed to maximizing both short-term and long-term savings, a mindset that wasn’t always part of his financial habits. Reflecting on his early career at the bank, he admits to being reckless with money when he started at 21.
Over time, both his role at Citizens and guidance from managers helped him realize the importance of saving and helping others do the same. One valuable lesson he learned: “You don’t have to dance every time the music plays.” For him, this meant cutting back on non-essential activities. He found that, while still enjoying time with friends, he could save money by eating at home before going out with them.
5. Start Your Retirement Savings Plan Early
David Gonzalez, a licensed relationship manager in Charleroi, PA, frequently encounters clients who, burdened by student loan debt, don’t believe they can afford to save for retirement. Many argue that they have decades to prepare for retirement.
In response, Gonzalez emphasizes the importance of starting early and taking full advantage of employer-sponsored benefits like 401(k) matching contributions. He highlights that employer matches essentially provide free money, offering an opportunity that should not be missed. Starting retirement savings early, even with small amounts, can make a significant impact in the long run.
