How To Save Money

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It's much easier to spend than it is to save, right? If saving for the future were simple, goals like buying a house or taking a vacation wouldn't have to be put off.

Saving isn't always easy because life happens: Unexpected appointments, home repairs and the general cost of living can get in the way of putting money aside. Maybe your neighbor asks you to support her Girl Scout troop or you decide to buy your daughter her first car when she gets her license. These are all perfectly reasonable things to spend money on, but your savings for the future might take a hit.

The truth is, some of the most ordinary things in your daily routine are costing you the most money: coffee, lunch, streaming services, your home. Finding ways to cut back in those areas can leave you amazed at how much money you're really earning. There are plenty of ways to limit your spending without going on an extreme couponing bender or surviving on ramen noodles and ketchup packets. That sounds just as miserable to us as it does to you!

At Bethpage, we want our members to live full and happy lives while preparing themselves for what they'll need down the road. Whether that's a nest egg for retirement or a down payment for the home of their dreams, building savings helps make your full life even fuller.

If you're stumped about where to start with personal savings, here are some strategies to grow your piggy bank:

Check out your monthly expenses!

  • Maybe you currently pay for cable TV: Do you need all those channels? Are there streaming subscriptions you no longer need or use? Your Bethpage checking statement will list some of those charges that might be time to ditch.
  • If you own a home, is your mortgage payment cramping your style? Perhaps you have a new baby or accepted a job that earns you less than you made when you first financed your home. Refinancing your mortgage can ease the monthly burden and match you with a payment you can handle more easily.
  • Are you still paying for the gym membership you bought around January 1? This year was supposed to be different but so far it's not, and that's costing you money. To stay active, go for a run or use equipment in public parks to get in shape. Resistance training is cheap and although the premium membership was a nice idea, it's just sitting there.

Use apps!

  • An old saving strategy was to put all the loose change you received from cashiers into a jar. Over time, those coins added up. Today, so many transactions occur digitally (debit cards, mobile payments, in-app purchases) that this method doesn't work anymore. Some apps apply that strategy to debit card purchases: If you spend $1.29 on a digital song download, 71 cents is deposited into a savings account. This keeps a portion of your spending out-of-reach!
  • Budgeting apps are helpful to planning your month and sticking to your budget. Many can be linked to your Bethpage checking account to give you a real-time look at how your spending stacks up against your plan.
  • Payment apps are like an auto-enrollment in loyalty programs. If you eat the same burrito every day for lunch, paying with an app can earn you free money over time. At some restaurants, spending $25, $50 or $100 in increments unlocks rewards like $10 off your next purchase.
  • Check your Bethpage mobile application frequently. Sometimes overspending results from overestimating the money you actually have! Never lose track of your current balance with our convenient smartphone and tablet app. We can even send text notifications to alert you when your balance is low.

Look for deals!

  • There's no reason to pay full-price for anything in 2015. Easy cost comparison sites can help you find the lowest price for whatever products you need to purchase. Whether you're buying Christmas gifts or need a new blender, look for the retailer that will charge you the least (and don't forget shipping!).
  • The grocery store can be an expensive and overwhelming place for people who are trying to save money. To buy food on a budget, always bring a prepared list of things you need. Look for discounted meats you can freeze and stock up on high-value products like frozen vegetables and whole grains. Most of all, never go grocery shopping hungry!
  • Old-school loyalty programs can also save you money. If you go to the same coffee shop every morning, grab one of those punch cards you've been avoiding. When every fifth coffee is free, you could save $20 per month.
  • At Bethpage, we want our members to save all the money they can. Our team of experts can help you with other ways to cut back on your spending.

More Ways to Save »