Local personal bankers share 5 small ways to grow your savings

This paid piece is sponsored by The First National Bank in Sioux Falls.

Considering that saving more money was the fourth most popular New Year’s resolution for 2023, you might be looking for the best ways to grow your savings.

The great thing about saving money is that there are so many ways to accomplish your goals, ranging from major life changes to the smallest habits.

And if you have a savings account with First National Bank, you automatically receive access to one of our experienced personal bankers who can help you build a savings plan for your unique financial goals.

To get you started, we asked some of our bankers to share their favorite ways to grow your savings. Here’s what they had to say.

Francesca Anderson: Treat your savings like a bill

“To help you save, you need to learn how to pay yourself,” said Francesca Anderson, a personal banker at FNB’s 57th Street branch.

Anderson recommends treating your savings account like a bill or required payment such as a rent check or utility bill.

However, she adds that this payment doesn’t necessarily need to be as large as your typical bill.

“Even an amount as small as $25 from each paycheck can make a big difference,” Anderson said.

And, to make saving feel less painful than paying the bills, it’s important to have a goal in mind — like a vacation or a down payment for a house. That way, you’ll feel rewarded for saving when you accomplish your goals.

Will Mertz: Set up direct deposit

Will Mertz’s favorite way to save is a one-and-done: He has direct deposits set up from his paycheck, so every time he gets paid, a percentage goes straight to his savings account.

“Saving is about mind over matter,” said Mertz, a personal banker at FNB’s downtown branch, “and it can be harder to save when you’re doing it manually, like regularly transferring money from your checking account.”

You can work with your employer to set up direct deposits, and the percentage you contribute from each paycheck is up to you.

“How much you should contribute really depends on your financial situation and goals,” Mertz said. “But don’t be saving too much that you don’t have money left in your budget to have fun.”

He adds that it’s important to still budget for some nonessentials because associating saving with not having fun will make you not want to save at all.

Jessica Ostwald: Cut down on unnecessary purchases

Jessica Ostwald is a personal banker at FNB’s Baltic branch, and she likes to make saving a family activity.

“Meal-plan together, shop as a family, and cook together,” Ostwald said. “If you make a list of the items you need and hold each other accountable, you’ll be less likely to make unnecessary purchases at the grocery store.”

Some alternative methods Ostwald uses to reduce unnecessary purchases are paying for gas at the pump so you aren’t tempted to buy convenience items and packing a cooler when you travel rather than eating out.

Shawna Rothwell: Reevaluate your spending

“Look at what you’re spending and on what,” said Shawna Rothwell, a personal banker at FNB’s Western Mall branch. “Reevaluate where your money goes, and you might be surprised where you can save by eliminating something or cutting back.”

If you don’t already have a budget in place to track your spending, try plugging your purchases into a spreadsheet and categorizing them by type — or find an app that does this for you.

You might discover that you’re spending too much money on takeout and could cut back by cooking at home instead. Or, maybe you’re subscribed to multiple streaming services when you really use only a couple of them.

Rothwell and any of First National’s other personal bankers also would be happy to help you evaluate your purchases and find ways to cut back!

Personal banking team: Save your small bills and loose change

The fifth tip to grow your savings comes on behalf of FNB’s personal banking team. They recommend saving your small bills — like $1 or $5 — and loose change whenever you make a cash transaction.

This small money can add up fast, and First National can help you deposit it into your savings account whenever you’d like.

If you want to meet with one of First National Bank’s experienced personal bankers or open a savings account, you’ve got options: reach out, stop by a branch, or apply online!