Saving money is at the heart of all good financial plans. With these resources, you’ll learn key saving habits, how to set financial goals, and how saving at an early age can be beneficial for the long term.

Frequently Asked Questions

  • How much money should you have in savings?

    The amount of money you keep in a savings account will depend on the financial goals you have put in place. The first step is to take a look at your financial statements and analyze where you spend your money, as well as where it goes. Next, set a goal for yourself, such as saving to buy a house or a 10-year wedding anniversary. Or, if you have debt to pay, make paying it off your first goal before saving other funds or investing. It’s also important to note that savings accounts are not meant to be tapped into frequently, unlike checking accounts. Because of that, your bank may limit you to a certain number of withdrawal transactions each month.

  • Which savings account will earn you the most money?

    In most cases, a high-interest savings account, also known as a high-yield savings account, will help you grow money while it is in your savings account. Typically, savings accounts pay interest on your deposits, and interest rates vary from bank to bank. But with a high-yield savings account, you receive a relatively high rate on the balance. Top rates on these types of accounts are typically 20 or more times the national average savings rate, multiplying your earnings. The funds will also compound in your account, earning you more money than the typical savings account.

  • What is the 30-day rule?

    The 30-day rule is a guideline to follow when you see something you would like to buy, but do not necessarily need. Instead of immediately purchasing the item at hand, the rule recommends that you wait 30 days to think harder about whether or not you should purchase the item. The rule gives you time to make smart financial choices, and search for a better deal if applicable. 

  • How do you start saving money?

    To save money, you first have to take a hard look at your expenses and figure out how much you spend regularly. You can then compare your expenses to your savings and set up a budget. With a budget, you can allocate an amount of funds for savings, and also determine where you may be able to cut back on spending. When choosing how much you want to save, you should create short- and long-term financial goals to meet. Once you are set up, remember to continue checking back on your goals and adjusting your budget to meet them.

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