5 Ways To Beef Up Your Personal Savings Account

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Savings will help you reach any financial goal. If it is for a great retirement, down payment on a house or a new car you can get there by setting money aside. Step out of the trend of spending more than you earn. Right now, the national personal savings rate is at the lowest point since the Great Depression.

Just use a few tips and tricks to save money. It is a possibility, and it can be easy.

Make savings a priority

If you sit down and figure out what you want to save money for, you are half way there. Set a timeline for when you would like to reach your goal. Set a schedule and divide the total goal amount by the number of weeks or months between now and your goal date. Treat your savings contributions like any other must-pay expense. Pretend if you must, that it is your rent.

Find the money to save

It might seem difficult just living from paycheck to paycheck. However, there are chances that you have extra money you did not even know you had. Find that money by keeping track of everything you spend for a week. You will be very surprised where you are wasting money.

Make purchases with cash

Cash helps you stick to your budget. There are no impulse purchases if you are using cash. Lower your bills and find ways to cut payments. Creditors will give you a lower interest rate if you just ask. Conserve electricity and gas, and cut the cable. Pack a lunch and cook more at home meals. Eating out eats up a great deal of money you could be putting into savings.

Always pay yourself first

You are important and that savings account should be an expense line. Once you have made a contribution to your savings account, divide up the rest of your money to cover every other bill. Don’t worry so much. You may find you have plenty left over to pay your bills and buy groceries.
You can have your bank transfer funds from your checking account to your savings account on a regular schedule. You might check with your employer. You can have savings deducted from your paycheck if you only ask.

Put The Money Away

Types of savings accounts you can look into are basic bank savings accounts that have low-interest rates, money market accounts that are high-yield accounts, online savings accounts that offer higher interest rates, and credit unions.

If you do not feel you need your savings as an emergency fund, purchase a CD. These offer high-interest rates, and you are not allowed to withdraw your money whenever you want. Withdraw your money, and you will pay a steep penalty that will make you think twice about using the CD. They are risk-free, and banks can charge no fees if you can afford to watch them roll over. Watch for promotional CDs. There are times when banks offer promotional CDs as a way to lure in new customers.

Edwin C

Edwin is a marketer, social media influencer and head writer here at 5 Credit Card. He manages a large network of high quality finance blogs and social media accounts. You can connect with him via email here.