Money savings: Tips

[King bell]

Your savings account is the place where you put money aside for a rainy day. You know that it will provide an extra layer of security, even if your day job has to be cut back on and/or your hours reduced. Your savings can also help you make charitable contributions while helping to improve your own financial situation. If money's tight but you still want to save, here are some tips how you can do just that!

Save more than the recommended amount
By saving more money than the recommended amount, or by saving in multiple places, you may be able to avoid withdrawal fees or penalties when using traditional banks. If you're saving money in more than one place, make sure you keep accurate and clear records of your savings.

Use online banks and credit unions
Online banks and credit unions are some of the most common places for Americans to stash their cash these days. They're known for their friendly customer service and lower fees. You can also open an account that earns interest on a daily or monthly basis if you have a small balance. Many offer low-balance savings accounts with no minimum balance requirements, which means that you won't need an abundance of funds to open up an account. And, it's worth pointing out that online banks are FDIC insured just like traditional banks are.

 

[Ithedicious]

I have my own personal saving tips and whenever I am interested to save money for long-term purposes , I mostly make an arrangement to a point that the savings may becomes very much difficult for me to withdraw anytime. That is why I have different bank accounts and one is purely dedicated for my saving purposes and the one that is dedicated for this purpose is a bank account without an ATM card.

With this , I can only send money to the account but I may not be encouraged to withdraw the money based on the fact that I have to go to the bank , write a cheque and do some other stressful activities.

Everybody directly or indirectly have a way of maintaining discipline with their savings and it all depends on people and also where they found themselves. The most important thing is us doing what really works for us .