Effective ways to grow your savings
Savings provide financial security, enable opportunities, and give you peace of mind. Whether saving for emergencies, goals, or retirement, having a solid savings strategy is essential.
The key to successful saving is consistency, automation, and choosing the right savings vehicles for your goals.
Save a percentage of income before spending on anything else.
Set up automatic transfers to savings accounts on payday.
Round up purchases to the nearest dollar and save the difference.
Save $1 in week 1, $2 in week 2, increasing weekly. Save $1,378/year.
Higher interest rates than traditional savings, FDIC insured, easy access.
Higher rates, check-writing capabilities, FDIC insured.
Fixed interest rates for fixed terms, higher rates for longer terms.
Build 3-6 months of expenses before other savings goals.
Use different accounts for different goals (emergency, vacation, house, etc.).
Review subscriptions, dining out, and unnecessary purchases regularly.
Save tax refunds, bonuses, and gifts instead of spending them.