My family's key to saving has been to create, and stick to, a budget.
It isn't easy, but BECU already has amazing tools to help with that.
Any income that comes in above that budget's requirements quickly moves into savings (or gets deposited there in the first place).
That includes normal income above the budgetary needs, but also: monitary gifts from other family memebers, tax returns, mail-in-rebates, and any other unexpected income.
Leaving money in the checking account is an invitation to spend it, so we keep a minimal checking balance to cover immediate needs.
Special purchases beyond the budget then require more thoughtful consideration before moving money from savings to cover.
One of my favorite quotes, repeated frequently by my Dad, is from Oscar Wilde who said, "moderation in all things, including moderation."
But to be reasonably moderate about your splurging, you have to be thoughtful... and this approach has helped us to do that.
I hope someone finds this helpful!
BECU monthly newsletter may bring up the statistic that 50% (?) of the American population CAN NOT come up with $1000 cash for emergencies.
So you may ask members to open a new savings account nicknamed my "1K rainy day" or something catchy and challenge members to add $50-$100 every paycheck or every month and find out a way to live without this money for 10 -20 paychecks or months. If succesful, (it may continue) just keep on saving, if NOT, just keep on saving :-)
At the same time you may invite members that finish the challenge to talk about their struggles or story behind their success.
@fremast- thanks for sharing your great tips with the MIX community! You're right, it isn't easy, but I'm so glad we've been there to help you along the savings journey.
@cinvesta- great suggestion to bring more visibility to the importance of saving. A call to action or even savings tips is absolutely a smart approach for us to look into more.
I agree - budgeting is a great way to at least start thinking about how to save. You know that old saying, "out of sight out of mind" that's one way I try to add to my savings.....if your pay check is direct deposited and your employer allows you to designate more than one account for funds to be deposited in to, funnel $5 or $10 over to your rainy day fund - if it's automatically taken out and deposited in to a savings account you don't use regularly, you don't see it and you will be surprised when you check in on it to find out how quickly it can add up. Great suggestions everyone!