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May. 09, 2017 in

Banking, Savings Accounts

Tips for Growing Your Savings

Do you find that you have a hard time saving money? If your answer is yes, you’re not alone. Everyone wants to save money, but sometimes it can be difficult. Your savings account can help you to save for both short-term and long-term goals. If you want to start and grow your savings account, you may need to learn new habits and change your mind set about money.
Here are some tips you can implement to help you to grow your personal savings.

Identify Your Goals
Decide what you’re saving money for. Are you saving money for anything specific? Are you saving money for a vacation, a house, to pay off some debt, or to buy yourself a new TV? By setting realistic goals, saving money may seem easier than before. If you’re saving for a rainy day or just to ensure you have extra money on hand, set an amount to work towards saving as it will help you stay on track!

Stash Some Cash
One thing to remember about saving money is that every dollar counts. When you deposit money into your savings account, it doesn’t have to be hundreds of dollars. Depositing money, no matter the amount, is crucial for growing your savings.

You might receive cash for holidays or your birthday as a gift. You can look at this gift as being “extra money” that is not a part of your budget, and deposit this money into your savings. Over the course of a week, you probably have a handful of $1 or $5 bills in your wallet. Rather than spending these bills, take them out, set them aside, and save them. You’ll be surprised how quickly small bills add up.

Pay Yourself
Think of your savings account as being a bill that you need to pay every month. If your savings account is now a “bill”, you can easily incorporate this deposit into your monthly budget. You can create a due date, and pay yourself when your payment is due.

Resist the Temptation
Just because you have money saved, doesn’t mean you can spend it. Even though the money is easily accessible, try to think of it as being off-limits. Avoid making withdrawals or transfers from your savings account. Because savings accounts collect interest over time, it is best to leave your money alone.

If you don’t have the right mindset or habits, saving money can seem impossible. By practicing some of these money saving tips, you will find that growing your savings is easy. If you’re looking into getting a savings account, you can contact us to learn more and apply today!

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