Five Simple Ways to Save Money in the New Year

The start of a new year is the perfect time to set financial goals and refresh your money-saving habits. At Stock Yards Bank & Trust, we believe that small, consistent steps can lead to big financial wins. Here are five practical tips to help you save money and make the most of your finances in the year ahead.

1.  Create a Budget and Stick to It

Start by reviewing your income and expenses from last year. Use that information to create a budget that outlines your monthly necessities, savings goals, and spending allowances.

Tip: Use the “50/30/20 rule” as a guide:

• 50% for necessities (housing, utilities, groceries)
• 30% for discretionary spending (dining out, entertainment)
• 20% for savings or paying off debt

2.  Set Specific, Realistic Savings Goals

Having clear goals gives you a purpose for saving. Whether it’s building an emergency fund, paying down debt, or saving for a vacation, define your goals and assign timelines.

Tip: Take advantage of Stock Yards Bank & Trust’s Goal-Based Savings tool within online banking! This tool allows you to create, fund, and manage your savings goals for whatever you choose. Goal-Based Savings will calculate a recommended transfer amount and the frequency needed to achieve your goal within the chosen timeframe. Your progress will be tracked throughout the entire goal duration.

3.  Automate Your Savings

Take the guesswork out of saving by automating it. Set up automatic transfers from your checking account to your savings account every payday. Even small amounts, like $25 a week, can add up over time.

Fun Fact: Automating your savings helps eliminate the temptation to spend extra cash—it’s like paying yourself first!

4.  Cut Unnecessary Expenses

Take a closer look at recurring expenses. Are there unused subscriptions, memberships, or services you could cancel? Look for ways to reduce costs on everyday items, such as:

• Cooking at home instead of dining out
• Refinancing loans to secure lower interest rates
• Using coupons and cashback apps for shopping

Small cuts in your spending can lead to significant savings over the course of the year.

5.  Make the Most of Stock Yards Bank & Trust’s Tools and Services

We are proud to offer a variety of financial tools and advice to help you manage and save your money. For example:

• Round-up Savings Program: Rounds up debit card purchases to the nearest dollar and deposits the difference into a savings account.
• Financial check-ups: Schedule a free consultation with one of our banking experts to explore savings strategies tailored to your goals.
• Rewards programs: Take advantage of various credit card rewards or cashback offers to maximize your spending.

Saving money doesn’t have to mean making drastic changes to your lifestyle. By taking these small, intentional steps, you’ll be well on your way to achieving your financial goals this year.