How to Save Your Money: Tips on How to Save Money
No matter how much money you earn, you can start a savings plan today.
You can start a savings plan one penny at a time.
Most banks and credit unions require a minimum opening savings balance of $25 or more.
However, you can begin saving by starting with a jar to fill with change until you have at
least $25 to start your savings account.
Jar Savings Plan
Step #1: Get an old jar
Step #2: Deposit all of your loose change into your savings jar
Step# 3: Once you have accumulated at least $25, go to your local bank or credit union and request coin wrappers
Step #4: Wrap your loose coin
Step# 5: Congratulations on saving your opening account balance, at this stage, you should begin researching banks and credit unions for your new savings account
Tip #1 Savings Account: A savings account is an excellent tool for saving money.
With savings accounts, you can begin to save money one dollar at a time.
In today’s competitive banking environment, many banks and credit unions offer free savings accounts that require low account opening balances.
For people who are just getting started with a savings plan, a saving account is a good vehicle for savings money.
The first step to starting a savings plan requires a shift in thinking that supports the idea that you must begin to pay yourself first.
You can start saving money by saving a little at a time.
To effectively save, you will need to determine the amount that you would like to save each week and start an automatic savings plan with your
bank or credit union.
- Did You Know that an automatic savings plan can be established with your bank or credit union by advising your banker that you would like to establish an automatic scheduled transfer. With automatic transfers, your bank or credit union will transfer money automatically from your checking account to your savings account. This is a good way to save money without the need to go into the bank or the need to transfer money from your checking and savings account via online banking.
Tip # 2 U.S. Savings Bonds:
U.S. Savings Bonds are excellent long term savings options for people who are interested in growing their money without the possible risks of losing some of the principal balance.
Tip # 3 Certificate of Deposit:
Once you have saved at least $1000, certificate of deposits(CDS) are an excellent way to save money while earning a little more interest than what is paid on a savings accounts.
12 Banks and Credit Unions that Offer Savings Accounts
- USAA Savings Bank
- Navy Federal
- Pentagon Federal Credit Union
- Bank of America
- Capital One
- Wells Fargo
- TD Bank
- Andrews Federal Credit Union
- Citi Bank
- PNC Bank
- M&T Bank
Where to Purchase U.S. Savings Bonds
U.S. Treasury Department: U.S. Savings Bonds can be purchased at http://treasurydirect.gov/
Final Thoughts: No matter how much money you earn, you can begin a savings plan by taking small steps towards financial prosperity. Once you start saving, it will become easier to do and before you know it, you will have saved a great deal of money. To start a successful savings plan, you will need to be consistent with your savings goal.