Nicole Lapin’s Top 5 Tips To Save

Today is National Savings Day! which Capital One created to remind you how beneficial savings can be. A recent Capital One commissioned survey found that 57% of respondents only check their savings account less than once a month - or not at all - and nearly half (48%) of respondents don’t know what their savings account interest rate is. Whether you’re just starting your savings journey or you’re a seasoned pro, we’re here to cheer you on and help you prepare for a financial future that you’re excited about!

To mark the holiday and help folks brush up on their savings skills, we are highlighting tried-and-true money savings tips from financial expert and best-selling author Nicole Lapin. Read on for some  easy-to-implement steps that will empower you to take control of your money.

 

Still receiving bills in the mail? Constantly forgetting which Friday you’re supposed to pay your cellphone bill? Take a quick financial selfie and see which areas you can make more efficient. Use resources like Capital One’s Money & Life Program which helps you reflect on your relationship with money and adopt new habits, perspectives, and behaviors to help you reach your goals. It’s free for everyone, whether you bank with Capital One or not. For an added safety net, establish a buddy system, and when you feel like doing something bad with money, call or text a friend to keep you on track. 

Establish a savings plan and pay yourself with each paycheck. For example, with the Automatic Savings Plan with Capital One’s 360 Performance Savings Account, you determine a set amount from each paycheck that goes straight into your savings account.

We know when the holidays are approaching, but don’t let birthdays, anniversaries and other gift-giving holidays sneak up on you. Plan ahead by creating a separate savings account where you can set aside money and establish a budget for special occasions. For example, the Capital One 360 Performance Savings Account lets you label multiple accounts for each of your financial goals. This way, you’ll be ready when gifts you want go on sale – and you won’t have to pay extra fees like expedited shipping. 

Purchases feel like expenses, but they can be investments. Choose products with the best return on investment, and look for companies that offer a lifetime warranty on your bigger ticket items. This is particularly important now, given inflation. You want to make sure your dollars work as hard as possible for you. Just like thinking long-term with your purchases, apply the same thinking to your savings strategy. Consider a 360 CD Account with a fixed interest rate and therefore, a guaranteed return – a better choice for something you’re saving for in the future.

I’ve said it before, and I’ll say it again: Stop buying unnecessary stuff. With inflation, prices are up across the board, including groceries. It’s easy to think you’re stocking up but end up wasting food because you didn’t use it all. Plan meals and learn how to substitute ingredients while cooking, so you’re using what’s already in your refrigerator and keeping your grocery list to what you need.

Getting started in your savings journey isn’t as difficult as it may seem. At Capital One, we want you to feel confident in your relationship with money, and that means savings should be a simple and straightforward experience. Take advantage of your savings journey with Capital One products and resources, including 360 Performance Savings Account, Automatic Savings Plan, 360 CD Accounts and Money & Life program.

Survey Methodology: This CARAVAN survey was conducted by Big Village among a sample of 1,009 adults 18 years of age and older. This survey was live September 12-14, 2022.