How to Put More Money Into Your Savings Account
If you have a goal this year to put more money into your savings account, we can help! Did you know that your local bank has several tools and services to assist you when it comes to making the most of your money? We also have some ideas to offer when it comes to making those financial resolutions stick--whether you are saving up for a large one-time purchase, or your future retirement, let us help you meet your goals.
Tip #1 - Auto Transfer
Transferring money between your accounts is a great “set it and forget it” method of building your savings account. If you get paid each month on the 5th, you can set up an automatic transfer through online banking for a specific amount to sweep directly from your checking account into your savings. It’s a nice way to save your money without having to think about making a separate deposit each month, and ensuring that you’re making it a habit to put something away each month.
Tip #2 - Shop for Interest Earning Accounts
A great way to save up money is to allow your money to reproduce (or earn interest). By talking to your financial institution you can find out what the terms are for their savings accounts, and choose the one that allows you to earn the most interest based upon the balance you are planning to carry over time.
Tip #3 - Be Strategic About Paying Down Debt
Do you have balances on high interest credit cards? If so, do some homework on the types of personal loans that your bank offers and see if consolidating those balances with a lower interest rate loan would be right for you. The more you are paying toward your principal balances to get them paid off, the more you are then able to put away toward investing for your future.
Tip #4 - Once a Year - Do an Online Subscription Check
Did you sign up for a service that you no longer use yet pay for monthly? Or, are you subscribed to four television streaming services but only really watch two? It’s time to check out what you’re paying for subscription services each month and see if you can cut any of them out. Then start pushing that money you might have been wasting straight into your savings account.
Tip #5 - Use Mobile Banking to Become More Aware of What You are Spending
All too often we find ourselves on autopilot when withdrawing money from our bank accounts with our debit cards. By vowing to login to your mobile app daily, you can view your checking account balances and become more aware of what you are really spending each day. After time you will see trends and can then make better choices on what you need to add into your budget, and what things you may be able to cut in order to save up for something larger.
Tip #6 - Increase Your Income
A great way to put away additional money, and pay off debts, is to consider increasing your income. Whether you’d like to take on some freelance work and start a side hustle, or discuss a promotion with your current employer, make sure you look at the numbers to figure out what you will really be profiting after your time and expenses are accounted for. If you have a few extra hours in your day to put toward something that generates more income, you’ll meet your savings goals much faster!
In addition to these tips, creating a budget can also be a big help when it comes to allocating how much money you can save right now, based upon your current financial situation. Your local team at M C Bank can help educate you on all the types of deposit accounts, as well as any initial deposit requirements, or maintenance fees. Stop by or call and schedule a visit to talk about your financial resolutions with us today!