Saving is usually the first step in any future plans you have in life. You save for a car, college, a house, kids, etc. It is the most basic essential tool we need throughout life. Everyone saves; even millionaires need to save their money. So where do we start?
The first step is to figure out what you are saving for. It can be something as little as concert tickets to as big as a house. Then it is time to do your research. Tell yourself how much you are willing to spend, and promise yourself you won’t even look at anything that costs more than that amount. Look online or window shop to determine how much you need to save.
The next step is to figure out how much you can save per paycheck. Give yourself an amount that you know you won’t miss. This might require cutting back on some other things you usually buy during the month. If you need this item before a certain date, it might be a good idea to calculate how many paychecks you will have until that date and then divide the cost of the item by the number of paychecks you have. This will give you the amount you need to save per paycheck in order to buy that special something in time.
Once you know how much you need to save, there is nothing left to do but save! A good way to set money aside is to have the amount automatically transferred into a different account from your paycheck. This way you will never even see that extra money.
A standard savings account is a simple, easy way to get started saving. There are no monthly fees, and $5 is required to open the account. Click to learn more.
A special savings accounts for 14-24 year olds. Deposit $25 each month for 12 consecutive months with no withdrawals and on the 13th month the credit union will deposit $25 into your account. Click to learn more.
A savings account to help you save for Christmas. No withdrawals allowed throughout the year and the money is released into a designated account on November 1st. Click to learn more.
A savings account that pays slightly higher dividends by limiting the number of withdrawals each month to a maximum of 6 withdrawals. Click to learn more.
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