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Community Advocacy Organization

Ways to Save the Most in 2023

By Deidre Davis, MSU Federal Credit Union’s Chief Marketing Officer

Building your savings for big purchases or emergencies can seem daunting, especially when you don’t know where to start. These steps will help put you on a path toward a strong financial future while you watch your savings grow.

Review Your Spending Habits

The common phrase “time is money” rings true here. Taking the time to review your past few months of spending can save you money in the long run. As you gather average costs for utilities, mortgage or rent, subscriptions, groceries, and other expenses, you’ll likely see trends you otherwise missed. You also might notice automatic payments you have forgotten about or some that are higher than expected.

Set Your Budget

Knowing your average monthly spending will help you set a realistic budget. Your budget should also include your income and savings. Continue to monitor your accounts throughout the month so you stay within your budget but be open to modifying your budget. Update your budget based on any priorities or expenses that change over time, and you’ll be on your way to achieving your financial goals.

Automate Your Savings

Once you have determined how much to save each month, set up automatic transfers to your savings account. Scheduling these transfers each payday allows you to pay yourself first and ensure your savings grow.

Earn Rewards when Spending

When you make purchases, consider using a credit card that offers rewards, preferably cash back that can be used for groceries, gas, trips, or anything else. Cash back rewards can add up and they can be used to pay on balances or deposited into your savings account.

MSUFCU can help you achieve your savings goals with 24/7 access to review your accounts via the MSUFCU Mobile app or ComputerLine®, cash back reward cards like our Visa Signature® Credit Card, a variety of savings options, and financial education seminars. Visit for more information.

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