SALT LAKE CITY — The holiday season may seem like the worst time to start saving money, but financial experts say it could actually be the perfect opportunity to develop better spending habits and avoid holiday overspending.
The key to successful saving starts with a fundamental shift in thinking, according to Dave Nellis with America First Credit Union. Rather than viewing saving as optional, treat it like any other monthly obligation.
"I think you want to treat your savings like it's a vendor. Treat your savings like it's a bill. Treat yourself like you're a debtor and pay yourself first, even if it's $5 a paycheck, $10 a paycheck. Start small and build that confidence. It's those mini wins that will make a difference," Nellis said.
The strategy requires discipline beyond just setting money aside. Once you "pay yourself," that money must go into a savings account or certificate of deposit that remains untouched. The goal is to save money before it gets spent on other expenses and allow it to grow over time.
For those ready to start their savings journey, banks and credit unions offer valuable free resources. Most financial institutions provide complimentary financial counselors or planners who can help set up new accounts, create automatic savings deductions, or develop personalized savings plans.
The first step toward saving smarter is simply asking for help from your financial institution.
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