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Huntington Bank Shares Money Saving Secrets of More Than 1,000 Americans
Whether It's a Piggy Bank in Every Room or Socking Away the $5 Bills You Get in Change, Americans are Practicing Dozens of Creative Savings Tips
COLUMBUS, Ohio, May 19 /PRNewswire-FirstCall/ -- A survey conducted by Huntington National Bank with more than 1,000 respondents indicates that consumers' most popular saving method is to place a portion of their paychecks in a savings account, as soon as possible, so that they will not be tempted to spend it. The most often used phrase from respondents was: "I pay myself first" by depositing money in a savings account before paying monthly bills.
Not only do they put some of their earnings away immediately, but many also reported using piggy banks and soda bottles to collect their daily change. Once those containers are full, they put the money in an account so that they will "not buy on a whim." Some even go so far as to open accounts without debit card access in order to avoid impulse buying. Fifty-seven percent reported recently opening a savings account, money market or CD to help them save.
In the survey conducted from April 7, 2009 to April 30, 2009, Huntington asked consumers to complete the phrase 'My most creative way of saving is to...' While 30% said they deposit money in an account, the second most popular method of saving is clipping coupons (10%). This was followed by eating at home or packing lunches (5%), and limiting shopping to what you need vs. what you want (3%).
"At Huntington we know that our customers want to make wise financial decisions, especially during these tough economic times," said Mary Navarro, senior executive vice president of retail banking. "We conducted the survey in order to share the results with our customers and employees because right now, everyone is interested in savings tips."
The remainder of the answers to the survey varied widely. Here are 10 of the most interesting tips:
1. "We have piggy banks throughout the house and every coin I find in the washer or on the street is put in the piggy bank. Once full, it is deposited in our savings account."
2. "For every dollar I spend when I pay bills, I try to save a half dollar. It sounds hard, but once you learn to live frugally, it is a lot easier than you think."
3. "I do not spend $5 bills. When I receive a $5 bill in change, it goes into an envelope for savings. This money is deposited at the end of each month. I can save $100 to $150 using this method."
4. "Every time I take cash from the ATM, I transfer the same amount to my savings. It was my New Year's resolution. It works!"
5. "I have five accounts, each account has a purpose. Gas, bills, savings, Christmas and just spending."
6. "I transfer at least half of our checking balance that remains the day before payday into our money market account."
7. "Personally, if I do not carry cash with me, I tend to spend less on the little things like pop and snacks. I am more careful if I have to put these items on a card."
8. "I remind myself on a daily basis that I need to 'do without some things.' Then I make it a game for myself to see how much I can hold on to in the span between paychecks. Then I dump that money into my savings account."
9. "I hold an annual swap with my friends. That way we can exchange our unwanted items for other things we might need that someone else is getting rid of."
10. "I take the stimulus money and put it into my savings account every two weeks. I didn't have the extra before so no need to make it a part of my monthly budget."
Survey Methodology
The online survey was posted on www.Huntington.com. While respondents live all over the United States, most live in the Midwest where Huntington's 600-plus branches are located. The respondents were predominantly female (70%) . The majority of respondents were age 25-30 (21.8%), followed by 40-49 (20.6%) and 31-30 (20.3%). More than 40% of respondents said they are saving for a home or to educate their children. More than 33% said they are saving for retirement.
About Huntington
Huntington Bancshares Incorporated is a $52 billion regional bank holding company headquartered in Columbus, Ohio. Huntington has more than 143 years of serving the financial needs of its customers. Through our subsidiaries, including our banking subsidiary, The Huntington National Bank, we provide full-service commercial and consumer banking services, mortgage banking services, equipment leasing, investment management, trust services, brokerage services, customized insurance service program, and other financial products and services. Our over 600 banking offices are located in Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and West Virginia. Huntington also offers retail and commercial financial services online at huntington.com; through its technologically advanced, 24-hour telephone bank; and through its network of almost 1,400 ATMs. The Auto Finance and Dealer Services group offers automobile loans to consumers and commercial loans to automobile dealers within our six-state banking franchise area. Selected financial service activities are also conducted in other states including: Private Financial Group offices in Florida; and Mortgage Banking offices in Maryland and New Jersey. International banking services are available through the headquarters office in Columbus and a limited purpose office located in both the Cayman Islands and Hong Kong.
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Whether It's a Piggy Bank in Every Room or Socking Away the $5 Bills You Get in Change, Americans are Practicing Dozens of Creative Savings Tips
COLUMBUS, Ohio, May 19 /PRNewswire-FirstCall/ -- A survey conducted by Huntington National Bank with more than 1,000 respondents indicates that consumers' most popular saving method is to place a portion of their paychecks in a savings account, as soon as possible, so that they will not be tempted to spend it. The most often used phrase from respondents was: "I pay myself first" by depositing money in a savings account before paying monthly bills.
Not only do they put some of their earnings away immediately, but many also reported using piggy banks and soda bottles to collect their daily change. Once those containers are full, they put the money in an account so that they will "not buy on a whim." Some even go so far as to open accounts without debit card access in order to avoid impulse buying. Fifty-seven percent reported recently opening a savings account, money market or CD to help them save.
In the survey conducted from April 7, 2009 to April 30, 2009, Huntington asked consumers to complete the phrase 'My most creative way of saving is to...' While 30% said they deposit money in an account, the second most popular method of saving is clipping coupons (10%). This was followed by eating at home or packing lunches (5%), and limiting shopping to what you need vs. what you want (3%).
"At Huntington we know that our customers want to make wise financial decisions, especially during these tough economic times," said Mary Navarro, senior executive vice president of retail banking. "We conducted the survey in order to share the results with our customers and employees because right now, everyone is interested in savings tips."
The remainder of the answers to the survey varied widely. Here are 10 of the most interesting tips:
1. "We have piggy banks throughout the house and every coin I find in the washer or on the street is put in the piggy bank. Once full, it is deposited in our savings account."
2. "For every dollar I spend when I pay bills, I try to save a half dollar. It sounds hard, but once you learn to live frugally, it is a lot easier than you think."
3. "I do not spend $5 bills. When I receive a $5 bill in change, it goes into an envelope for savings. This money is deposited at the end of each month. I can save $100 to $150 using this method."
4. "Every time I take cash from the ATM, I transfer the same amount to my savings. It was my New Year's resolution. It works!"
5. "I have five accounts, each account has a purpose. Gas, bills, savings, Christmas and just spending."
6. "I transfer at least half of our checking balance that remains the day before payday into our money market account."
7. "Personally, if I do not carry cash with me, I tend to spend less on the little things like pop and snacks. I am more careful if I have to put these items on a card."
8. "I remind myself on a daily basis that I need to 'do without some things.' Then I make it a game for myself to see how much I can hold on to in the span between paychecks. Then I dump that money into my savings account."
9. "I hold an annual swap with my friends. That way we can exchange our unwanted items for other things we might need that someone else is getting rid of."
10. "I take the stimulus money and put it into my savings account every two weeks. I didn't have the extra before so no need to make it a part of my monthly budget."
Survey Methodology
The online survey was posted on www.Huntington.com. While respondents live all over the United States, most live in the Midwest where Huntington's 600-plus branches are located. The respondents were predominantly female (70%) . The majority of respondents were age 25-30 (21.8%), followed by 40-49 (20.6%) and 31-30 (20.3%). More than 40% of respondents said they are saving for a home or to educate their children. More than 33% said they are saving for retirement.
About Huntington
Huntington Bancshares Incorporated is a $52 billion regional bank holding company headquartered in Columbus, Ohio. Huntington has more than 143 years of serving the financial needs of its customers. Through our subsidiaries, including our banking subsidiary, The Huntington National Bank, we provide full-service commercial and consumer banking services, mortgage banking services, equipment leasing, investment management, trust services, brokerage services, customized insurance service program, and other financial products and services. Our over 600 banking offices are located in Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and West Virginia. Huntington also offers retail and commercial financial services online at huntington.com; through its technologically advanced, 24-hour telephone bank; and through its network of almost 1,400 ATMs. The Auto Finance and Dealer Services group offers automobile loans to consumers and commercial loans to automobile dealers within our six-state banking franchise area. Selected financial service activities are also conducted in other states including: Private Financial Group offices in Florida; and Mortgage Banking offices in Maryland and New Jersey. International banking services are available through the headquarters office in Columbus and a limited purpose office located in both the Cayman Islands and Hong Kong.