Since saving money remains a popular New Year's resolution, The League decided to kick off the year by sharing savings tips combined with the Savers Sweepstakes® program throughout the month of January in a paid social media campaign on Facebook. This campaign reached 75,000 Wisconsinites of all ages and directed individuals to open up a Savers account at a participating credit union in their area.
Saver’s Sweepstakes is a prize-linked savings program available to Wisconsin’s credit unions. Members at 31 participating credit unions can open special accounts that pay them dividends while automatically entering them in cash prize drawings on a monthly, quarterly, and annual basis. In just four years, this incentivized savings program has helped Wisconsinites save over $24 million, with an average saver's account balance of $1,844.
Here are the 5 savings tips that were shared:
1. Match Your Splurges
Saving money doesn't necessarily mean you can't splurge every now and then. When you splurge on that frappuccino, or night out, deposit the same amount you spent into your savings account.
2. Pay Yourself First
Pay yourself first because you matter most. Set up automated deposits to your savings account when you get paid. This can be done through your employer's direct-deposit feature or through your financial institution.
3. Calculate Purchases By Hours Worked
Understanding how long you need to work to afford an item can add a different perspective and help you better budget.
4. Review Your Subscriptions
Review your monthly subscriptions. Cancel any you are not currently using or taking advantage of. Set up automated deposits of that amount to your savings account. You won’t miss the money since you are used to it not going in your checking account anyway.
5. Win Cash While You Save
Depositing $25 per month into a Saver's Sweepstakes Savings Account gives you the chance to win $100, $1,000, and/or $5,000.
The League is dedicated to promoting healthy savings habits, especially as reports indicate that nearly half of Americans have difficulty or are unable to cover a $400 emergency expense.