Five creative ways to boost your savings in 2025

When was the last time you updated your savings goals? With the US annual inflation rate rising to 2.7 percent in June, chances are good that your savings accounts haven’t received a lot of attention lately. Finding money to save may seem difficult, but boosting your savings doesn’t have to be a chore.

At F&M Bank, we’ve gathered the best savings tips for 2025. Incorporating these creative strategies into your financial routine can make saving easier and more effective. Boost your savings and rethink your financial goals this year with the help of F&M Bank’s digital banking tools and high-yield checking & savings accounts.

Our 5 creative ways to save money can be tailored to fit your Oklahoma City lifestyle -- try one today!

1. Reevaluate Your “Why” for Saving in 2025

Whether it’s a long-term or short-term goal that motivates you to save, your needs and desires can change over the years. Refresh your savings plan based on your current lifestyle. For maximum motivation, be sure to choose a savings goal that takes priority in your life.

Try placing motivational imagery around your house and on your phone to keep you on track and remind you of your goals. Need help choosing a fresh savings goal? Here are some common savings goals for residents of Oklahoma:

• Emergency fund covering 3-6 months of living expenses
• Travel savings for that trip you’ve been dreaming to take
• Down payment on a home in your ideal neighborhood
• Lump sum payoff of credit card debt
• Renovation fund for a kitchen remodel

2. Automate Small, Frequent Savings

The most effective savers don’t even think about saving on a daily basis. By directing money into savings as part of an automated routine, they don’t have to make a conscious decision to save each day. Take the struggle out of saving by setting up daily or weekly autotransfers from your checking account into dedicated savings accounts.

One way to automate saving is by splitting your direct deposits. Every time you get paid, automatically send a portion of your paycheck into savings. With F&M Bank's mobile and online banking, you can easily transfer money from checking to savings anytime you want.

When your money is in a savings account, consider it untouchable until you reach your goal. By taking the money out of your checking account frequency, you won’t be tempted to spend it. Money in your savings account follows the “out of sight, out of mind” principle and stops overspending. Have a side gig?

Make a commitment to put the income from your second job directly into savings. Make sure your monthly budget doesn’t include the money you want to save and you should have no excuse to slack on saving.

3. Open a High-Yield Checking or Savings Account

Put your money to work for you with a high interest account. You’ll earn money on your checking and savings with minimal effort. Open a BonuSelect Saver with your BonuSelect Checking and make it easy. BonuSelect Saver accounts automate your savings and earn a high interest rate with no monthly fees.

When your money grows faster, you reach your goals sooner. At F&M Bank, our BonuSelect Saver account currently earns 3.04% APY (Annual Percentage Yield) on balances less than $20,001, while the national average is only 0.57% APY.

4. Try a No-Spend Challenge

The easiest way to reach your savings goal is to spend less, but cutting back doesn't have to be a chore. Make a game out of saving by challenging a partner or friend to spend less with you. Start by setting a short-term goal to cut back on something specific. Examples of effective saving challenges include:

• No food delivery for 2 weeks
• No coffee drinks for 1 week
• No new clothes for 1 month
• No impulse purchases for 2 weeks

Keep track of the money you saved during your challenge and apply it directly to your savings account. This short-term financial detox will help reset your spending habits and get you one step closer to your savings goal. When the challenge is complete, pick a new one and save even more!

5. Get a Financial Check-Up

The last thing you want to discover when trying to save money is that you’ve been wasting money each month on unused and duplicate subscriptions. Review your monthly charges to ensure that you know how much you’re paying for services that bill you automatically.

Ditch apps and memberships that you no longer use and redirect that money into your savings account. Even if it’s just a few dollars a month, it’ll bring you a step closer to your savings goal.

While you’re reviewing your monthly expenses, check that promotional pricing hasn’t ended on services that are around a year old. If your introductory rate has expired on a monthly service, call the company. Often companies will extend the promotional rate in order to keep your business.

Mobile banking alerts make it easy to track your spending by notifying you of any charges made to your account. Online tools can sort your expenses by category to help you identify spending patterns and make sure you stay on budget.

Don’t underestimate the impact a few charges can make on your ability to save. Effective savers minimize extraneous spending and prioritize funding their savings accounts.

Small Changes, Big Impact

Changing your savings habits can have a huge impact on your financial health and happiness. Once you’ve determined why you want to save, you can begin to make small changes that will help you achieve your goals. Automate your savings into a high-yield checking account or savings account.

Review your recurring expenses and unsubscribe from services that you no longer use or aren’t worth the fees. (we’ve already said this in previous Challenge yourself to a financial detox by eliminating spending on certain items for a week or two. All of these tips will boost your savings without sacrificing your lifestyle.

Successful saving is about consistency, creativity, and choosing the right tools. Looking for high-yield savings account tips and creative ways to save money? Need help choosing the right account to grow your savings? Let’s talk. Our team is here to help you find the right account and tools to make it easier. Visit a nearby branch in Edmond, Yukon, Guthrie, Kingfisher, Piedmont, or Crescent, Oklahoma. Start saving today and make your dreams a reality this year!