I researched all the banks with highest interest rates saving accounts and found Ally Bank to have the best rate and features. Even though I already have a checking and savings accounts through my local Credit Union, I plan to open another separate savings account with Ally and deposit a percentage of my pay check there every two weeks and watch it grow. How are you going to begin?
Create a budget and stick to the amount
Finding an app that supports saving my, help!
I’m trying to understand saving I don’t know how to put the money in to save
Have some savings goal. You main you should be a emergency funds that is the total of all your expenses(bills, debts, loan etc. Fixed expenses) and times that number by 3-6 months. Them create short/long for your personal needs/wants. Like if you want a car budget how much that will be then save up a fix amount you can achieve and stick to it.
I know many of us have heard of Dave Ramsey's book "Total Money Makeover"; well in his book he suggest starting your emergency fund off with $1,000, if that is unrealistic right now, start with a goal of saving $500. Set a goal to save $300 every 3 months in a separate bank account earmarked "Emergency Fund", and if you need none of that money it will be $1200 in 12 months and keep it going until you have gotten 6-months of expenses saved. If you have to use some of the money during the year, don't become discouraged, just continue the process. When I started mine, I had to dip into it twice during the year and at the end of the year, but at the end of 1-year I had $1,000. Challenge yourself and look at your annual expenses and set up envelopes to cover those. Be creative and find the process that best works for you because what works for me may not work for you and guess what…..that's ok. The process is a learning experience for us all.
I found an app for an online bank that pays 1.0 interest rate on its savings account. If you join through this link you will get $50. In your savings account. https://updates.chime.com/u/click?_t=a74f3f73c139448daf11f3bec5e4b4ea&_m=a1e575b733e4497597f9c5113217a668&_e=DZhITtUfai8PmJDybmWcBUWpULpslypeaUUIBGddtC-id59HLBWagCJz6Vu9_sVUq_YSCgDUg9MhVuOKUXs4G8QAER86L8GXDh4O8g0nTQfwGoj7xm5ggmgm71nm1awpPj8G-VGBf7AvKg3gyq99TUjnaHsjy03Fr-q4y7EzVdLaXKhe8ZjwgO_8Xm7PLF_8IzR38QmeXBYgxGI2W0RPsKs1BX72qwhovUWXtxH4o83yxXkF7VBXkqHjwM_bSAwkLQrV3YyYWRbfDDeeoEwZlKE1CUuO5cE3PredZXlVsiQ%3D. Check it out.
Make a list of your expenses for the month and alot a bit for emergency or family and stick to it. Whatever is left save as much as you can and repeat. It definitely gets a lot easier the longer you do it.
I like how saverlife helps track the savings and deducts when you take…. to remind you of how you messed up!
When buying online use the plugin, ebates. It gives you cash back (they send a check to your house quarterly). I don't know how it is worth it for them/the stores, but sometimes they even give 15% back on your purchase. They also tell you when another store has something cheaper. If you use my referral code you automatically get $40.
I LOVE recommending high yield savings accounts to people. It's a great place to park your savings and let them grow while they're still accessible! So I think that's a great place to start.
