Americans may be contemplating that now is the time to get serious about their savings. All too often saving money is something reserved for times when a person has a portion of extra cash. But by making a few minor changes to spending habits, a person can make saving money become a regular habit.

Saving regularly is an important part of money management. Whether a person is saving to meet a long-range goal or looking for something short term, the Personal Bankers at The Stephenson National Bank & Trust (SNBT) have a few savings tips.

Commit to a savings goal. Set goals to save for specific large purchases.  Decide what to save for and keep reminders around the house such as notes placed on the refrigerator or pictures of the item in a checkbook.

Monitor spending patterns. Start by tracking the things that are purchased monthly, weekly and even daily. By doing this, a person will notice items often splurged on. Pin-pointing spending patterns will help to determine areas to cut back on; it will also help determine a person’s needs versus wants.

Make a budget. Budgeting, a small but important alteration in spending habits, is the key to making financial adjustments that can increase savings. A person should create a monthly budget allocating money for regular bills, unexpected expenses, and even fun money.

Open a high yield savings account. There are savings accounts on the market now that offer a higher annual percentage yield (APY) than traditional savings accounts. SNBT has an account called the Prime Savings Account which offers an APY of one-half the Prime Rate (as quoted in the Wall Street Journal). With this account, the minimum deposit is only $5,000 to begin earning the highest rate of interest.

“Not all high yield savings accounts are the same,” warns Jayson Chadwick, SNBT personal banking supervisor. “Some accounts offer more access to your cash than others or some may have tiers with the best interest rate given for very high dollar amounts.”

Consult your Personal Banker. A Personal Banker is the best source of information about accounts and interest rates. They will be able to recommend the right account to help reach savings goals. Also, once a person reaches certain savings levels they may be eligible for higher interest rates. In addition, a Personal Banker may be able to recommend alternative investments such as club accounts, high yield accounts and Certificates of Deposit (CD).

Consider investments. For long-term goals, such as saving for a home or retirement, a person should look into bonds, mutual funds, real estate and stocks. Consult an investment advisor about what would work best for you.

Pay yourself first. As part of the budgeting process, commit to saving a specific dollar amount or percentage of income every pay period or every month. By waiting to see what's left over, a person is less likely to save. One way to accomplish this is by talking to their employer about arranging for automatic money transfers to a savings account from their paycheck every pay period. If the money is taken out before they have a chance to cash their check, chances are they won’t spend it.

Shop around. There are thousands of options for financial services. Be selective, and get the best prices, services, convenient locations and lowest fees for credit cards, bank accounts, mortgages and CDs. A great way to research is by calling the financial institutions in the area and requesting a rate sheet. This will give a person a list of the interest rates currently paid on all accounts and CDs. Another way to research is by asking friends, relatives or neighbors if they have a financial institution that they would recommend, often this will give a few good leads.