When you first open up your bank account, they offer you a checking and a savings account. But the question is, what do you do with your savings account? We all know that the checking is very active. It has seen money come and go month after month, week after week, and day after day. But, how are you treating your savings account? Are you sharing the wealth with it? Do you know how much interest it yields? Do you at least have $1,000 saved in it for emergencies?
If your answer is no to any of these questions, I am so glad that you decided to read this because it is time that you change your answer to YES to ALL of those questions. How will you do that? Well, read on and I will give you a little insight into how you can make the most out of that savings account that came along with your checking account.
So, I am not sure if you follow me on Instagram or Facebook, but on both social media platforms I did a $2.74/day Savings Challenge to get to my $1,000 Emergency Fund savings goal. I invite you to join me and see how this challenge can change your life. Click on the link above of the platform that you would like to join on. I provided a weekly update of my savings and three times a week I post small golden financial nuggets that I am sure you can easily follow.
In the meantime, start getting your rainy day savings in order by doing these 5 things that will get you on the road to saving success.
- SET-UP AUTOMATIC TRANSFER FROM YOUR CHECKING ACCOUNT TO YOUR SAVINGS ACCOUNT.
- ADD A SAVINGS GOAL TO YOUR BUDGET EVERY MONTH.
- SIGN UP FOR CREDIT CARDS (like Capital One) AND DEBIT CARDS (like PayPal and Chime) THAT GIVE YOU MONEY BACK ON EVERY DOLLAR SPENT.
- MAKE SURE YOUR SAVINGS ACCOUNT HAS A HIGH INTEREST RATE.
- TRY HARD NOT TO WITHDRAW OR TRANSFER FROM YOUR SAVINGS ACCOUNT UNLESS YOU REALLY HAVE TO, LIKE IN AN EMERGENCY.