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Save Smarter: Better Budgeting in 2020

Setting goals for the New Year is easy.

The challenge is actually accomplishing them. If your New Year’s resolution is to save money, it is important to set goals that are SMART, to make them more realistic. The SMART method tells users to set their goals to be: Specific, Measurable, Achievable, Relevant, and Time-bound.

With any goal, if you set the bar too high, it’s easy to give up. But if you write down your goals and share them with others, you’re more likely to succeed. A great way to spend the first few months of 2020 is setting attainable financial goals and working to stay on track with them throughout the year. To help you get started, we’ve collected a few of our favorite savings tips from staff around Elements. How will you use these to reach your financial goals in 2020?

Direct Deposit

When you get paid, send a portion of your paycheck to a savings account immediately via direct deposit.

48 Hour Rule

Before making any large or unusual purchases, wait two days to consider if it is necessary.

No Spend Weekend

Choose to do only free activities and eat food that you have already purchased for an entire weekend. Repeat this one weekend per month for the year. 

REASSIGN BILL DUE DATES

Many companies will let you reassign the due dates of your bills in order to better align with when you are paid. Make paying your bills your first priority!

CARRY LARGE BILLS

When you have large bills, you’re less likely to buy things you don’t need. It is more difficult to break $50 or $100 bills than it is to spend small amounts of cash.

TAX REFUND

Plan ahead and commit to saving most of your tax refund in a dedicated account or emergency fund.

High Interest Checking Account

2.00% APY1 Earn up to $400 a Year in Interest

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Explore the Elements Mobile Banking App

Our mobile app puts all of your accounts at your fingertips 24/7. We've even included Budgeting Tools within the app to help you manage your money like a pro.

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Banking the Way You Want It

Mobile Banking App

  • Online banking & bill pay
  • Mobile check deposit

Add our Card Control App

  • Added security
  • Card lock technology
  • Card activity notifications
  1. 1 High Interest Checking Account Annual Percentage Yield (APY) effective as of March 20, 2020, is variable and may change after account is opened without notice. The APY is 2.00% on balances up to $20,000, 0.10% on balances greater than $20,000. Premium dividend on account(s) with 15 qualifying transactions per statement cycle. Only the following are qualifying transactions: Debit card purchases, checks, bill payments, ATM withdrawals and ACH withdrawals. No other transactions qualify. Dividends will be paid per statement cycle requirement. At least one account holder must be at least 18 years old. Accounts not meeting the qualifying transaction threshold will earn 0.05% APY. Fees may reduce earnings. See Truth in Savings Disclosures for details.