Doing some spring-cleaning this year? Don’t forget to tidy up your savings, too.
Follow these top savings tips to get your financial house in order.
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No. 1: Set a savings goal
Start by setting a savings goal. It should be measurable, achievable, realistic and timely. When deciding on a savings goal, think of a specific purchase or benchmark you could realistically reach in 12 months. The goal should require self-discipline and a little sacrifice when it comes to spending, but you shouldn’t overreach.
Then, find a friend or family member who can hold you accountable, or write the goal down in a place where you’ll see it every day, like your planner.
No. 2: Choose a savings account thoughtfully
Be picky about where you keep your savings. Savings accounts vary widely when it comes to interest, fees and minimum balances, so do your research and find the one that’s perfect for you. Consider extra charges like monthly service and ATM fees.
While the interest rate might sound minimal at first, it adds up. And every little bit counts when you’re saving toward a specific goal. Check out online banks too; online savings accounts sometimes have higher interest rates.
Compare savings accounts to find the right one for you.