Saving money–most people know it’s something they should do, but they aren’t sure where to start or how much to save. Let’s take a look at some practical tips that you can implement today to help you start saving.
Choose the Right Savings Account.
The first step–and probably the most critical–is selecting a savings account that is right for you. Which saving option that best fits your needs depends upon your financial goals. Are you just starting out and need a savings account that is convenient and easy to use? Then perhaps a My Goals Savings account is the perfect fit. Do you already have a good start on your savings and find yourself ready to make a move to a higher interest saving account? Then maybe a Money Market account is your best option. Are you saving for retirement? Then a 401K savings plan might be the right fit. No matter what your financial goal may be, multiple saving options are available Speak with your financial advisor or stop by and speak to us about which choice may be right for you.
Make It Easy.
Now that you have selected the right savings account, don’t forget to invest in it regularly. One of the most effective ways to save money is to open a savings account and make automatic deposits to it. So, let’s say you get paid every other Friday via direct deposit–you can set up an automatic transfer to your savings account. If you don’t see the money, you won’t spend it. You may want to start small and gradually increase your investment over time. Or, you may decide that you have more to invest and want to save more quickly. Just remember to set realistic savings goals and reward yourself when you’ve reached them. A savings account is only successful if you are realistic about what and how you are saving.
Watch Your Spending.
You would be surprised at just how much money a few simple changes can save. Here are three quick ideas:
- Eat at home more. Not only will you save money, but you’ll likely provide healthier meal options for you and your family. Plus, you can reward yourself for reaching savings milestones by eating out.
- Buy Generic. Do you buy products based on their brand name? The fact is that most generic products are just as good as name-brand ones, and they typically cost about one-third of the price.
- Don’t Impulse buy. A 30-day spending rule may sound extreme, but a lot of times we make purchases based on impulse. When making any purchase, especially larger purchases, take 30 days to decide whether or not to make the purchase.
By making these adjustments, you’ll save a few dollars here and there, which can add up over time.
As you can see, saving toward your financial goal may be easier than you think. To get started with just the right savings account at BancorpSouth, click here, or call 888-797-7711.
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