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Saving Money 101

Saving money sounds boring. When most people think of saving money they think of not spending money, AKA no life. But just because you are saving money doesn’t mean you can’t spend money too, just don’t spend that much. Give yourself a limit on spending money and allow yourself to spend that much each month.

Below are all the basic accounts a person should own and why.

1. Savings – Everyone needs a basic savings account. Even if you can’t think of something you need to save for, you still need to save. The future can seem far away but it will come sooner than you think. This is money you don’t touch, unless there is an emergency.
2. Checking – This is where your play money will go. Whatever money you put in here, feel free to spend! Make yourself happy; buy a nice pair of new shoes.
3. Christmas Club – It comes every year on the same day, so there is no excuse to not have money during the holiday season. You have to save for Christmas, or else you will have no money to spend on things you need for yourself. A Christmas Club is the perfect way to save for the holidays. Just put a little in every week/month, and you can’t touch it or you will be penalized.
4. Retirement Plan – Start planning now! You don’t want to have to work when you are older. Everyone dreams of traveling and seeing the world when they retire, but you can’t do that if you don’t have any money saved. Check with your employer and see what kind of retirement plans they offer. If they don’t offer any, go to your local credit union and talk with a member service rep or financial advisor.

Have all these accounts? Then you are on the road to a healthy, wealthy life! Saving is usually the first step in getting to where you want to go, so start saving now!


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