How To Reach Your Savings Goals

Posted: January 3, 2023

Updated: January 3, 2023

Person sitting at a computer, holding a phone and credit card, while they work on their savings goals.

With the fresh start of the new year, it’s the perfect time to set your savings goals. Take these steps to boost your savings in 2023.

Start with Your Why

When we decide to get carryout for dinner again instead of cooking at home or toss those extra items into our cart at the store, we usually aren’t thinking about how that choice might be detracting from our larger financial goals. It’s human nature to focus on what we want now more than the impact our actions will have in the future. That is why it’s helpful to get at the core of why we’re saving. For example, are you saving for a down payment on your dream wedding venue, a comfortable retirement or the peace of mind that you can cover unexpected expenses? Find the motivation that will sustain you throughout the year.

Create Your Goals

Establish goals by estimating how much you’ll need by the end of the year. You can keep track of them within Landmark’s Digital Banking:

 
  1. Hover over “Manage Money & Finances” in the top navigation

  2. Click on “Savings Goals”

  3. Click the plus button

  4. Select an account

Pick a category such as “Home Improvement” or “Travel/Vacation”, give it a title, set the amount and pick your target date

Once you’ve made your overall goals, break them down to smaller benchmarks. How much will you need to set aside each month or paycheck? You can even set up recurring payments in Digital Banking from your checking to a savings account to keep yourself on track:

  1. Hover over “Transfer & Pay” in the top navigation
  2. Click “Transfer & Loan Pay”
  3. Choose which account you want to send money from and to, how much and how frequently

Explore Your Options

Okay, so you know you’re not getting any interest on cash you tuck under your mattress, but have you thought about higher earning options than a traditional savings account? Grow your savings faster with a high-rate certificate account. At Landmark, our terms range from three months to five years. Or if you have a larger amount of money on hand like $2,500 or more but you still want to be able to access your funds, consider adding a money market to your mix.

Check Your Progress

Just like our new year’s resolutions, it can be challenging to stick with our savings goals all year despite our good intentions. That is why it’s important to routinely set aside time to check in on how you’re doing. Make a monthly calendar appointment to review your progress. If you aren’t saving as much as you plan to, look at your history to see where you can make adjustments. Find this in Digital Banking:

  1. Hover over “Manage Money & Finances” on the top navigation 
  2. Click “Track Spending”


You’ll be able to see your past transactions, including how much you spent in each category such as “Restaurants & Dining” or “Clothing.” You can use these insights to identify where you can cut back so you have more to put towards your savings goals.

Imagine how great you’ll feel at the end of the year, when you’ve accomplished your goals! As your credit union, we’re here to support you on your savings journey. Learn more about all our savings offerings.