How to rebuild your savings after summer

Summer is the most popular time for vacations and travel. Between flights, road trips, amusement parks and dining out, it’s easy to get swept up in the excitement and overspend. The good news? With a few simple steps, you can rebuild your savings before the holiday season arrives.

Now that kids are heading back to school and routines are returning to normal, it’s the perfect time to refocus on your finances.

Here’s how you can get started:

1. Assess your summer spending – Start by reviewing your bank statements from the summer. Calculate how much you overspent and how much your savings decreased. This will give you a clear picture of how much you need to replenish and help you set spending goals for the upcoming months to avoid dipping into your savings as you rebuild.
2. Schedule recurring transfers – Set up automatic transfer to your Savings Account. Even small, consistent contributions can help your savings grow faster without you having to think about it. You can schedule recurring transfers through Digital Banking¹ and choose the amount to fit your budget.
3. Pay off summer debt – Summer debt can add up quickly. According to a survey by NerdWallet, 84% of travelers use credit cards to pay for at least some of their vacation expenses². Prioritize paying off any credit card debt from the summer to keep compound interest from inflating your balances. Once the debt is paid, you’ll have more cash to redirect into your savings.
   • Smart financial tip: If you’re paying high interest on Credit Card debt, consider transferring your balance to our Visa Platinum® Credit Card. You’ll enjoy no balance transfer fees, lower interest rates and no annual fees. Plus, you’ll earn 5% cash back on all gas purchases paid at the pump and 1% cash back on all others³.
4. Use available tools – Take advantage of tools designed to help you save smarter. At Abound, our CashBack+⁴ program lets you earn cash back when you buy gift cards to shop. Log in to Digital Banking to explore personalized offers from your favorite brands and start earning today. You can buy gift cards using money straight from your Abound Checking Account, earn up to 20% cash back within 24 hours⁴ and use the cash to boost your savings or help pay down debt.

Interested in our Visa Platinum® Credit Card? Apply online or visit your local branch today to get started!