Save More in 2025: Here are 5 Tips to Reach Your Savings Goals

Saving money is the key to a secure financial future, and if you’re like millions of others, you are always looking for tips to save more. However, the reality is that you may struggle to make ends meet, much less be able to put away money for an emergency or even your retirement. In fact, according to Bankrate’s 2024 Annual Emergency Savings Report, nearly 59% of U.S. adults are uncomfortable with their level of emergency savings.

If you find yourself struggling to save more each month to meet your savings goals, Members Trust can help with these simple ways to save money.

Here are 5 tips to save more by setting and tracking your money to meet your savings goals.

1. Choose a specific goal (or two).

Savings goals are personal, so you need to define YOUR goal – building an emergency fund, saving for college or the downpayment on a home, or preparing for retirement.

It’s impossible to do everything at once so be specific. Ask yourself – “What do I want my money to do for me?” to help you narrow your focus. Being specific about a goal or two rather than just choosing a random number will help make it achievable.

2. Set a savings deadline.

Next, set a deadline to meet your goal. Some goals are shorter such as saving for a new car and others are longer such as building your retirement fund.

Once you know your deadline, you can break it down into smaller, more reasonable chunks of time to calculate how much money from your salary to set aside monthly (or weekly). For example, ask yourself, “How can I save $10,000 by next year for a car?” Use our savings calculator to play with the numbers, and you’ll see that you need to set aside $833 per month.

Another option is to determine how much you can afford to save each month based on your budget and then calculate when you’d realistically be able to reach your goal.

3. Open a Savings Account for for each savings goal.

Having different accounts for different goals can help you stay organized, motivated, and on track. With a savings account designated for each goal, it’s easier to monitor growth and create boundaries.

Members Trust can help with accounts to help you reach specific goals.

• A Christmas Club Savings Account is designed to help you save money for holiday expenses. These accounts encourage consistent savings throughout the year, so you’ll have funds ready for gifts, decorations, and travel.
• A Vacation Club Account helps you save for your dream vacation so when it’s time to “take off”, your money will be ready for you to enjoy.
• A Health Savings Account is a tax-advantaged account designed to help you save for qualified medical expenses. HSAs are typically paired with high-deductible health plans (HDHPs) and provide a way to manage healthcare costs more effectively.
• An Individual Retirement Account(IRA) is a tax-advantaged savings account designed to help you save for your retirement. Members Trust offers several different IRAs, all with certain tax benefits that make it easier for you to invest in your future.

4. Make it easy.

You don’t have to be an expert to learn how to save money. Rather than trying to remember to transfer money into your savings account, make it easy with automatic transfers and payroll deductions. You can schedule automatic transfers when your paycheck hits, so your savings funds never mix with your spending money.

You can set automatic transfers when you get paid or on the same day each week or month, so you never have to remember to make the transfer.

5. Track your savings accomplishments.

With online banking and the mobile app, it’s very easy to look at each of your accounts monthly to confirm where you stand.

Another way to track progress is by adding your savings goals to your regular budget. You can set up a simple spreadsheet or use a budgeting app.

 

Setting savings goals ensures you have the money you need – when you need it. Believe it or not, once you get the ball rolling saving, it’s fun to watch your balances grow! If you have a specific goal in mind or question, contact us to see how we can help.