First Southern National Bank

Simple New Year’s Money Challenges to Save More

As we enter into a new year, it’s the perfect time to be intentional about preparing and setting goals. The most common goals are typically those associated with health. Many people vow to eat healthier to lose weight. Better financial health is also a popular and worthy goal of many resolutions.

Unfortunately, this is the week of the year that many people begin to fail in their goals. According to a survey by Statista, only four percent of people who made New Year's resolutions in 2018 said they kept them. If you can stick to your New Year's goals this year, you will be in the minority.

The biggest problems with the majority of goals and resolutions, is that they are too broad and have no clear ending. Making vague resolutions like “I want to eat healthy” or “I want to save money” leave you with no specific or measurable way to keep you on track.

If you have entered into this new year vowing to save money, but haven’t created an actionable plan, I encourage you to take a look at the article 6 Simple New Year’s Money Challenges to Save More. It has some great and simple money savings tips and goals including the $5 Savings Challenge.

As the name implies, the $5 Savings Challenge allows you to save $5 at a time. Whenever you come across a $5 bill, you put it into savings. Regardless of whether you receive the money as a gift, find it on the street, or break a larger bill to pay for a purchase with cash, every $5 bill goes into savings.

Don’t have the discipline to sacrifice those $5 bills? First Southern National Bank customers have an easier option in Round-Up Savings.

Round-Up Savings through First Southern National Bank is a good and simple place to start saving money daily! This feature is available for free for all First Southern checking accounts and it "rounds up" your debit card transactions to the next whole dollar.

For example, if I stopped at a local bakery and purchased a muffin for $1.25, the account would round up to $2.00, and $.75 would be transferred to my savings account. If I went out for lunch with friends, and spent $23.45, the account would round up to $24.00 and transfer 55 cents from my checking account to my savings. At the end of the day, my Statement Savings account would have $1.30 in it.

This feature is great for anyone who wants an easy way to start saving with minimal effort and even less planning. Just set up the service and start saving. It’s that easy!

You can sign up for Round-Up Savings in-person next time you are at one of our convenient locations or via phone 866-602-3762.

Jenna Walker
Communications Specialist

(606) 365-3555 Ext: 19405