Conquer your financial fears

Published on October 26, 2022 | Webster Bank

Everyone can have financial worries: not having enough money for retirement, losing a job and having no income, or debt piling up. However, by having money set aside automatically, we eliminate the worry of having savings as well as the “choice” to save money. We don’t see it. We don’t touch it. We don’t even have to think about it. It’s as if our money saves itself. Then, when you need the money, it’s there waiting for you.

Here are six easy ways to help save money and relieve your financial stress.

1. Set up a regular deposit to savings

Even if you don’t have direct deposit, Webster allows you to set up automatic deductions. For example, you can set up an automatic transfer with online banking from checking to savings on pay day for a specific amount. The effect is the same as splitting a direct deposit — the money is in your savings account before you even know it’s gone.

2. Pledge to save a set amount of cash

Some people throw their pocket change into a jar every night to save up for something special. However, there’s no rule saying you have to stick to coins. Instead, ramp up your savings by pledging to set aside every $5 bill that comes your way. Or even every $10. This is a great way to save up for a big ticket item like new furniture.

3. Use a cash-back credit card

If you’re the type that can pay your credit card off in full every month, and if you won’t let credit card rewards and 0% balance transfers become an excuse for spending more than you should, using a cash-back credit card may be a way to save automatically. At the end of every month, simply deposit your cash back directly into your savings. To build your cash-back savings, find out about Webster’s credit card options.

4. Understand your credit

Your credit needs regular attention and maintenance. Before you shop for a new car or house, or apply for any new loan, you should know your credit history and your numbers. Getting a handle on this information ahead of time gives you the opportunity to verify the information on your credit report is correct and fix errors if there are any. Being proactive with your credit allows you time to improve your credit score so you get the most favorable options possible.

5. Automate your bills

Most utilities and businesses will allow you to set up automatic bill payments. This will ensure that you pay your bills on time so you can avoid paying late fees and dings to your credit. Sometimes you can even get a discount for paying automatically. Just remember: if you do automate your bills, check your billing statements regularly to make sure there aren’t any mistakes and you’re not being charged for services you aren’t using. Webster’s Online Bill Pay can help you make online bill payments to almost anyone – from cell phone providers to mortgage lenders. For more savings tips, talk to a Webster banker today. Visit your local banking center or call 800.325.2424.

6. Help your money make money with an interest-earning account

Who doesn’t like to get things for free? Well with an interest earning account, you are getting money. Put 10 bucks under the mattress and after a year it will still be 10 bucks, but put that same 10 bucks into a Savings or Certificate of Deposit account and watch your money grow. At Webster Bank, traditional bank products like CDs and savings account can be customized to meet your goals.

Once you start, saving money becomes a mindset and a lifestyle that can restore confidence in your financial future. Come into your local Webster banking center to talk with a banker and learn more about our Savings Account options. We’ll help you set goals, find easy solutions and conquer those pesky financial frights.

Disclosures:
The opinions and views in this blog post are for informational purposes only and are not intended to provide specific advice or recommendations for any individual. Please consult professional advisors with regard to your individual situation.

Credit Disclosures
All loans and lines of credit are subject to credit approval. Please visit your nearest banking center.