This post is sponsored by Capital One 360 – all opinions are my own.
Spending money is easy, it’s saving money that I have a problem with.
Has that thought ever crossed your mind? If so, join the club! I have lost count of how many times I’ve had a plan to save money that eventually fizzled into a poorly executed dream. I slowly watch the numbers in my account dwindle and each time I find myself asking
“Where does it go?”.
Questions like that one and many more can be easily answered by incorporating some of the great saving tips offered by financial expert, Nicole Lapin. Nicole is delighted to team up with Capital One Bank to help consumers ‘Challenge Your Savings’ to make saving up for those bigger purchases simple and easy.
When it comes to financial goals like saving for a college education, she encourages individuals to get into the nitty-gritty – no detail or expense is too small when you’re trying to get a sense of your overall financial picture, especially when it comes to saving.
You can watch the video here to get a better picture of how to effectively plan and save up for a college education for your children.
A new survey from Capital One Bank revealed that while people feel happiness and satisfaction from saving money, they also find it hard to actually save because of financial constraints and deep-rooted spending habits.
It definitely helps to have a major motivator, like send a child or children to college, to kick-start and stick to a savings plan. Having a list of helpful tips also helps, and you’re in luck! Nicole and Capital One have great tips to help you save.
- Cut out one “luxury” item. If you have high-interest debt, cut out one luxury expense—like dining out weekly or a pricey monthly salon visit—and put use every available dime toward paying down your debt. This will give you a nice financial bump in two ways:
1) once the debt is gone, you’ll find yourself with even more “fun” money because you’re no longer paying off yesterday’s fun money with interest; and
2) you might find that you’ve lost a taste for those expensive habits that got you into trouble to begin with.
- Work as a team. If you and your spouse are trying to save for a shared expense, such as the down payment on a house or a new car, set up a “matching” savings plan and get there twice as fast. You can easily track it all with 360 Savings from Capital One’s My Savings Goals tool. To add even more incentive, for every dollar your spouse saves against your goal, pledge to match a dollar. Not only does this method give you both skin in the game but a little friendly competition will move those savings along more quickly.
- Take advantage of tax refunds. Stop seeing your annual tax refund as free money. It’s not free money; it’s your money. As soon as you receive your refund, transfer those funds directly into your savings account to give it a bonus boost.
Capital One Bank prides itself in helping individuals get more out of their savings. That’s why their 360 Savings accounts require no fees, no minimums and provide great interest rates that better support and get you to your savings goals faster.
CAPITAL ONE BANK SAVINGS TIPS
Capital One 360 has great tools that can help make saving easy, including:
My Savings Goals
- The My Savings Goals tool allows customers to easily articulate their saving aspirations by creating customized nicknames for each goal they set up.
- Customers can set goals, track progress and celebrate saving milestones.
- In only three steps, a customer is on his or her way:
- Step 1: Tell Us What You’re Saving For – You determine what account you want funded and the goal type.
- Step 2: Calculate Your Goal – Choose how you’d like to calculate your goal by deciding either:
- How Much Do You Need To Save? Enter the goal amount, contribution date and end date and then My Savings Goal calculates how much you need to save and how often you’ll need to contribute to reach your goal.
- When Will You Reach Your Goal? Set a goal amount, contribution date, amount to save per contribution and how often. My Savings Goal will then calculate the date the goal will be reached.
- Step 3: Track Your saving Journey – See your goal countdown ticker and savings progress in a tracking graph that highlights the amount saved.
- As the customer reaches savings milestones at 25, 50, 75 and 100 percent, emails are sent to congratulate and motivate them on their saving progress points.
Automatic Savings Plan
- An Automatic Savings Plan allows you to maximize your savings by having a fixed amount of money regularly transferred from your linked checking account to your online banking account, giving you the higher interest.
- At Capital One 360, customers can even set up automatic transfers from their 360 Checking to 360 Savings accounts.
- Setting up an Automatic Savings Plan is an easy and excuse-free way to stick to financial goals and resolutions.