Saving for a big event: 6 strategies to stay on budget
- Dec. 12, 2023
- 2 min read
How to budget for big events
Saving strategies to put into practice
How to stay motivated when saving
Budget for everything
With Ally Bank's savings buckets, you can earmark funds specifically for your event in your savings account.
Once you have expenses mapped out, look for deals and ways to save. If your event involves travel, consider using rewards or miles to save on airfare or accommodations. Be on the lookout for special discounts or offers related to your event like parking vouchers or seat upgrades.
Read more: Smart resources to help you save
Cutting back on spending to save more doesn't have to be painful. It's all about balance and priorities. By using spending and savings buckets together , you can both optimize your expenses and save strategically for your event at the same time. Use spending buckets – a feature of Ally Bank's Spending Account – to find areas where you could spend less, and then put that extra money in your savings bucket. Utilize boosters like recurring transfers to make saving automatic and round-ups, which round your purchases to the nearest dollar and deposit the difference in your savings account. Over a 12-month period, people using our smart savings tools grow their Savings Account balances two times more, on average, than those who don’t. (This is based on the average balance growth of accounts opened since we launched our smart savings tools.)
While it's fun to have something to look forward to, it's easy to be distracted from your savings goals. Temptations are all around! If you need a little extra push, try visualization . Picture yourself cheering on your favorite driver at an F1 race to keep morale up.
In-person events are experiences that will make memories to last a lifetime. If you're attending the event with family or friends, consider getting them involved in the saving and budgeting process too. When it comes to money management, there's definitely strength in numbers. Help each other stay motivated, then enjoy each other's company as you sing along to your favorite bop.
From the championship game to the year's hottest concert tour, it seems that everyone has a big-ticket event on their bucket list. These savvy spending and saving strategies can help make yours a reality.
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