With 2024 just around the corner, let's gear up to take control of our finances. Saving money is a key component in financial success. In this blog, we'll provide you with seven ways to help you grow your savings account in the coming year.  

#1 Set Clear Financial Goals 

Clear and achievable financial goals is one step to boosting your savings. Whether it's an emergency fund or extra spending money, create actionable steps towards achieving those savings goals. These clear objectives can help you stay motivated and on track as the year progresses.  

#2 Create A Budget 

Developing a budget is an essential part of your savings strategy. Track your income and expenses to understand where your money is going and identify areas where you can cut back. This will free up more funds to save.  

#3 Automate Your Savings 

Take advantage of automatic transfers to move a portion of your paycheck directly into your savings account. This automatic transfer removes the temptation to spend money before it reaches your savings account. 

#4 Open A Money Market Account  

Consider opening a Sun Canyon Gold Money Market account to earn a higher interest rate on your savings. The more you save, the more you'll earn in interest, helping your money grow faster. 

#5 Reduce Unnecessary Expenses 

With the help of your budget, review your spending habits and look for areas where you can cut back. Skipping that daily coffee run or dining out less frequently can lead to significant savings over time. 

#6 Invest Wisely 

Once you've built a substantial savings cushion, consider exploring investment opportunities to make your money work for you.  Simply setting up a CD with Sun Canyon Bank is also a way to invest in your savings. Learn more about Sun Canyon’s CDs here. 

#7 Monitor And Adjust Your Plan 

Regularly review your savings goals and progress. As things change, adjust as needed to stay on course.  Throughout the year, unexpected expenses may occur. Adjusting your financials accordingly may be imperative to sticking to your goals.  

Increasing your savings doesn't have to be a difficult task. By setting clear goals, creating a budget, and taking advantage of our services, you can pave the way to a secure financial future. Remember, every dollar you save brings you one step closer to financial freedom. If you have any questions or need assistance with your savings accounts, don't hesitate to reach out to us. At Sun Canyon Bank, we're here to support you every step of the way.