“Wealth can only be accumulated by the earnings of industry and the savings of frugality”
John Tyler (10th President of USA; 1841-45)
Most of the people find it difficult to grow their savings account. Savings is a continuous struggle that an individual has to do with his/her lifestyle. It is often difficult to identify the areas to cut down the expenses. You need to have discipline to grow your savings account. Savings seem hard at the initial stages but as you move in this direction, it becomes comparatively easier to cut down your spending.
If you are struggling with your savings, here are some excellent tips to boost your savings account.
5 Tips to grow savings account
- Schedule automatic deposit from paycheck: Keep your savings account at the top of your monthly expenses. It is best to schedule an electronic transfer from your paycheck. For those who are not in the habit of saving, this can be helpful because you might spend all the money before the end of the month.
- Use active banking technology: One of the best ways to start growing your savings account is to use latest technology. Use message-based alert system for your savings account. It will help you monitor real-time expenses instead of receiving a monthly bank statement. You can even set financial goals for your major requirements using mobile apps. These apps will keep reminding you of your goals in a timely manner.
- Control transfers to your checking account: Do you lack self-control? It is not sufficient to make deposits in your savings account. The key is to control your temptation to transfer that money in your checking account. You can use nicknames for your account so that it reminds you of the financial goal attached with your savings account.
- Eye for long-term savings: According to McBride, Americans are tragically underscored in terms of their retirement savings. Lack of sufficient savings is forcing Americans to delay their retirements. With the help of regular savings plan, you can build smart corpus for your retirement. It is possible to automate your savings for multiple financial goals. Cutting on your expenses today will help you spend your needy years with comfort.
- Power of compound interest: Compound interest allows you to earn interest on every dollar you have in your savings account. The interest earned is added to your principle amount and on the next interest cycle, you earn money on that interest as well. It is best to maintain money in your savings account for long-term benefits. A small recurring payment for a long duration can help you build wealth over a long period.
It is best to get started today itself. You do not need to maintain a minimum balance or pay for premature withdrawal from these accounts. Let us build a better future with savings account!
“Wealth is well known to be a great comforter.”Plato