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Different Ways of Saving Money

Posted on July 21, 2015

Let's face it: there are few among us who don't wish we could save just a bit more money. Whether you have a big purchase in mind, you're planning for college or retirement or you just want a little cash in your rainy-day fund, saving is important. To help you on the path to saving today, consider these easy ways to save money and meet your financial goals.

Set a Savings Goal
First and foremost, set yourself up for success by establishing a savings goal. The best way to do this is to take a look at your finances. Subtract your necessary and set expenditures every month—things like your rent or mortgage, bills and loan payments, gas and groceries—from your monthly income. This will give you an idea of how much money is left over each month.

From that number, choose an amount that you can reasonably save every month. Then, plan to cut back where necessary to meet that goal. A good savings goal to start would be roughly 10 percent of your income each month. If you can comfortably save more, go for it!

Use Financial Planning Apps
To help you set and reach your goal, considering using a financial planning and budgeting app, such as Mint, one of the leading apps for financial planning. Mint and apps like it allow you to create and monitor savings goals and track your progress toward them. Financial apps allow you to link all of your bank accounts, create spending categories, and view reports so that you can see exactly where your money is going each month.

Save Loose Change
While you probably won't make millions using this tactic, saving loose change in a jar is an easy way to collect some extra cash. Once your jar is full, take it to the bank to have it deposited into a savings account or converted into dollar bills.

Consider Different Savings Accounts & Investment Options
There are a variety of different savings and investment options that will yield different returns depending upon your financial means and goals. For example, most standard savings accounts at a typical bank or credit union don't yield much in terms of interest. On the other hand, CDs, high-yield savings account, and variable interest money market accounts often pay a little bit more. If you really want to go for the big bucks—and have the money on hand to invest—consider meeting with a financial advisor who can help you start an aggressive investment strategy in stocks or other venture opportunities.

Set Up Automatic Bank Transfers
If you keep enough money in your checking account at a given time, you can set up automatic transfers to your savings account through your banking institution. By setting up automatic transfers, you'll never have to worry about whether or not you're putting money into a savings account—it will just automatically go there!

The Importance of Saving
If you have a financial emergency, having extra money in the bank can help you feel confident. To start saving more money today, consider the tips above. Just a few small changes will help you save more money than you might think.

If you would like to learn more about the variety of savings and investment options available, contact our financial advisors today. We will help you get started on saving for your future!

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