Money Saving Tips

Track your expenses. Here’s a great exercise: record everything you spend for the next 30 days. Every cent! When you see how you are actually spending your money, it’s much easier to identify where to cut back.

Eat at work? Brown bag it. According to Time, 60 percent of employees eat lunch out at least once a week – spending an average of $7 each time. Bringing your lunch to work daily can potentially save you hundreds of dollars a month (and it’s often healthier, too).

Set financial goals. Pick a bill to eliminate. Identify an investment you’d like to make. You’re more likely to reach your goals when you define them.

Use mobile budgeting apps. Financial apps can be a lifesaver. These programs have built-in budgeting tools that can help customize your daily spending. Popular (and free) options include Mint, Level Money and BudgetEase.

Create an emergency fund. Putting money aside for unforeseen circumstances (like an unexpected car repair bill) is crucial. Forbes recommends setting aside 20 percent of your weekly income for retirement, debt payments or the unexpected.

Eliminate credit card debt. According to Fox Business, the average American carries roughly $7,000 in credit card debt – resulting in more than $1,000 per year in interest payments. Put yourself on a strict spending plan and make payments as soon as possible.

Shop online. Need consumer goods like clothes, electronics or appliances? Look online first. Many retail stores offer online-only discounts or promo codes. This is also a great exercise to research different price options and find the best deal before buying.

Take advantage of discounts and incentive programs. Ask a human resources representative if your employer partners with other corporations to offer discount rates for fitness centers, insurance, electronics, wireless carriers and other expenditures.

Cool down. The U.S. Department of Energy report that you can save 10 percent per year on heating bills by turning your thermostat down by 10 degrees when you’re not home.


Northwest offers several savings programs for our customers, including Statement Savings, Passbook Savings, Insured Money Funds, IRAs and Club Accounts, among others. Visit your local Northwest office, or call 1-877-672-5678, weekdays from 8 a.m. to 8 p.m. and Saturdays from 9 a.m. to 1 p.m. to find the savings program that works for you.