It seems like having a individual savings account is becoming more scarce. Many of us feel we have no room in our monthly budget for a savings account. Well thats just not true! We can all start off small and with reasonable expectations, many of the best savings accounts are filled with merely change and small deposits.
Here are some of our save money tips.
How to Build a Savings Account
Small change adds up, you will be surprised how quick it will grow. Try to put extra change daily in a container and at the end of month deposit in your savings account.
Like plenty of save money tips every little bit adds up. Just depositing $10.00 a week adds up to $520.00 at the end of year. Well how about $20.00 a week? That’s $1,040 at the end of year!
A good rule is to deposit 10% of every dollar you make. You can even have your accounts set up to do automatic transfers from your checking to savings account. Always include a savings account in your budget. Pay yourself first! Even just a few dollars here and there will encourage you to get in the habit of saving. The best savings accounts are never forgotten.
For those of us who like couponing, deposit your savings from that shopping trip. Also from any rebates you may have sent off for. This is extra money that can be deposited. Find in your monthly budget areas that you can cut wasteful spending. Maybe instead of eating out a few meals a week (breakfast, lunch, dinner and coffee’s) try one day a week or every other week. Then deposit some of this savings into your savings account.
Keep a spending diary in your car and every time you order something out jot it down. Check it at the end of the month. You may be surprised that your eating away at wasteful spending.
Banking Accounts and Fees
Are you doing a 401K savings plan? Start now planning for your later years. These are great especially when your employer matches it.
Check around when picking your accounts and get one that gives a free checking account. This saves you money on fees they charge. If they don’t then see if it’s free for you to do direct deposit or have multiple accounts.
You can also check with bankrate.com to get the best rates.
Online Savings Accounts
Some of the best savings accounts are those doing through online banking. Many banks offer online savings accounts that are linked to your traditional individual savings account.
This allows you to check the balance, make transfers, pay bills or at some banks even deposit checks, all from your home computer. Really online savings accounts allows family budgeting to be done much easier, especially when starting to planning your monthly budget.
Final Word: Individual Savings Account
One of the greatest security measures you can have is the security of a individual savings account. Just socking away little amounts here and there can add up over time and could become a rainy day fund.
It really starts with commitment to stick to your budget, if you are spending more money than you take in you must make changes. You should always keep track of your monthly spending to see if it supports your income and your budget.
Simple budgeting can go a long way to saving up enough for other necessities, it can even go to upgrading or making changes to your home utilities.
While these are just a few of the money saving tips out there I’ve found these to be some of the more successful methods.
The more you save up, the greater the safety net!