Money Mechanics Blog

Making the most of your savings involves giving each dollar you make a clear purpose. Saving with a Purpose is the difference between saving money aimlessly and working towards well-defined goals.

When you save without a purpose, funds often end up in a single account. While your savings may increase, it can be challenging to keep track of your goals. This runs a risk of unknowingly taking funds from one goal to fulfill another.

A free online coaching tool by Banzai, Saving with a Purpose, allows you to input your individual saving goals and their respective timelines. The tool then creates a customized Saving with a Purpose Plan detailing how you need to manage and save to reach your goals. Following this plan involves setting aside a certain amount of money each month for each goal.

Remember: Even with a plan, saving requires the willpower to sacrifice what you want now for what you desire in the future.

Want some additional saving tips for the new year?

• Start buying used instead of new
• Keep your house a little warmer in the summer and a little cooler in the winter
• Limit yourself to only one subscription for each type of TV, music, etc.
• Cook at home instead of eating out

There are many ways to manage your saving goals, such as separate accounts, spreadsheets and saving apps. As an Allegius member, you automatically have access to a savings account. Learn more about saving with Allegius at www.allegius.org/save/personal-savings.