Catching up on your 2023 savings goals
As we continue through the second half of 2023, it might be a good time as either an individual or family to look back at your savings goals for this year and check in on your progress.
With the rise in inflation and increasing cost of living, you may feel like you've fallen a bit behind on setting money aside. That's OK -- many factors can make it tricky to keep up with your savings goals. As you revisit the goals you set in early 2023, here are a few ways to catch up.
Prepare for end-of-year spending ahead of time
The holiday season often goes hand in hand with a lot of spending, whether that's on gifts, events, traveling, etc.
If you want to avoid spending all the money you're trying to save, think about purchasing presents, airfare tickets, hotel stays, and so on before the holiday season arrives. Of course, some holiday-specific items aren't sold until closer to the holidays, but many other things can be purchased in advance.
And not only will that help you avoid an exorbitant amount of spending all at once at the end of the year, but it can also save you money considering goods and services tend to rise in price around the holidays.
Re-examine your budget
It's easy to set savings goals at the beginning of the year but slip into unintentional spending habits that might bleed over your budget throughout the year. Take account of where your money has been going each month -- have you been dining out or shopping online more frequently than intended?
Have you been spending money on subscriptions you no longer use? If you find that you're not ending up with much leftover at the end of the month, it may be time to make some cutbacks or tradeoffs in order to get back on track with your savings goals.
Take in more income
Of course, it's easier said than done to simply "make more money." However, it's a good idea to continually evaluate your salary and/or how much income you are making in your position and determine if there may be evidence of performance qualities or timelines that constitute a raise or bonus.
Additionally, many people look to side hustles as a way to pull in additional income and pad their savings, which could be anything from providing an online service, to creating a product and selling on Etsy, to using third-party avenues like DoorDash, Uber, dog walking apps, etc.
Speak with a banker
Catching up on your savings goals may seem straightforward, but we all experience times where we stumble and may not be saving as much as we'd like.
Speaking to a banker is one of the best ways to take an in-depth look at your financial history, plans and decision-making and find areas where you may be able to make adjustments, invest differently, or save more easily.
At Republic Bank, we are ready to help you with on-site financial planning, comprehensive solutions, and convenient digital capabilities to help you reach your savings goals.
For more information, browse our resources or call Republic Bank of Chicago at (800) 526-9127.
• Michael Minetti is SVP/Retail Sales Manager at Republic Bank.