Many of life’s goals come with a price tag. Whether it’s buying a car, owning a home, raising a family, going to college, or starting a business, these things are impossible to accomplish without money. Many of life’s loftier goals require more than our incomes can sustain upfront. However, if you spend your money wisely and save consistently, these goals can become a reality. Nonetheless, saving is a challenge.
The Trouble With Saving
There are several reasons why people find it hard to save money. Some people lack the financial knowledge to understand the significance of saving and how to get started. Other factors include not having a budget, too much debt, poor financial discipline, giving into temptation, and lifestyle inflation. While an increased cost of living is beyond anyone’s control, many other saving obstacles are easy to overcome with the proper resources. ONE is a practical solution with products to help.
What Is ONE?
ONE is a bank. Since 2019, their products and services have helped customers overcome saving challenges and accomplish their financial goals.
Here are some of the ways that ONE does just that.
It’s difficult to reach financial goals when your finances are out of control. The first step is to get organized. You must know precisely how much money you have coming in and how much you’re distributing to expenses. ONE’s Pockets can help with financial organization. Pockets are sub-accounts connected to your checking that you can customize to match your expenses.
When your funds hit your ONE account, you can divvy them into Pockets to ensure you have enough money to cover your monthly bills and expenses. Sticking to this habit helps you to better manage your budget and keep track of your spending.
Eliminate Wasteful Spending
Everyone falls to temptation and splurges on things they don’t need. However, if this is a consistent habit, it will prevent you from reaching your financial goals. When you spend money on things unnecessarily, it reduces your money for things you need. It also increases the likelihood of going into debt, decreasing your income and slowing your savings.
If you use ONE’s Pockets, you can identify and eliminate wasteful spending before it gets out of hand. By dividing your income into sub-accounts to cover your monthly expenses, you can rest assured that what is left in the Spend Pocket can go towards miscellaneous purchases and transactions. Monitoring the transaction history on your Spend Pocket will enable you to see where you’re wasting money. You can then make adjustments so that more of that income goes into savings.
Boost Your Savings
Sometimes, increasing your savings to reach your financial goals faster requires bringing in more income. Unfortunately, not everyone has the time, energy, or resources to take on a second job or side gig. Luckily, there are other ways to increase your savings.
ONE’s high-yield savings products are one way to increase savings over time. Customers automatically earn 1.00% APY on any funds deposited or transferred into these accounts, allowing them to make more money while they sleep.
If earning more interest on your income isn’t enough, the Auto-Save feature can also help. When you apply this feature to your account, any transactions using your ONE debit card are rounded up to the nearest dollar and deposited into your savings. So, if you purchased something for $1.50, that extra $0.50 would go into the interest-bearing account.
When you consider how frequently you use your credit card throughout the year, you can only imagine how much you can save towards your financial goals.
Most people don’t realize how much their finances tie into their health, wellness, and overall quality of life. However, when your finances are out of control, surviving day to day becomes a struggle. Ultimately, the key to finding effective ways to manage your money is up to you - and ONE can provide the appropriate foundation to get you started.