Adding money to your savings account does not have to be laborious. There are several tips anyone can use to help their money grow. Kids and adults alike can use these to increase to their savings.
The younger you start saving, the sooner it becomes ingrained and easier to accept. Even small children can build a savings account. If your children receive an allowance show them how they can take part of it and put in to a savings account for future purchases. This works especially well if they have had their eye on something. It will show them how to acquire it on their own. You might even tell them you will match whatever they put in so they can accomplish their goal sooner. Allow them to log on occasionally to check their balance.
Having a goal helps us to save. If you want to buy a new car or take the family on vacation you have an incentive for adding to your savings account. Figure out how much you will need and how soon you want/need the money. Then set out a plan for adding a little each week or month until there is enough to purchase the desired item. When you’ve accomplished the goal, keep putting the same amount into your account. Once the habit is formed it is easier to save.
Many banks are now offering “Keep the Change” programs. When you use your debit card to make a purchase they will round it up to the next dollar and add the difference to your savings account. This is especially good for people who use their debit cards for all purchases. You won’t miss the money each time and at the end of the month you will notice a nice boost in your savings. If your bank does not offer this service or if you don’t use your debit card frequently, you can do it on your own. When you get change back from a dollar, set it aside. At the end of the week or month take all the spare change and put it in your savings account. Money saved from coupons should go in this till as well. It will add up quickly.
Another handy service your bank may offer is direct transfer. Contact your bank to see if they offer this convenience. At the time you arrange, the bank will automatically add money to your savings account from your checking account. This out of sight out of mind method can add money to your account without your even noticing until you check the balance and see how much it has accumulated.
Any time you come across money unexpectedly is a good time to add to your savings account. If you get money for your birthday, refunds or rebates, a small lottery payout or some other source, add it to your savings account. You won’t miss it from your budget and down the road it will make a difference.
Once you reach your goal, reward yourself. It will make adding to your savings account more exciting for all ages when you can see the result of all that hard work. Enjoy you new car or vacation. Just remember how you were able to do it and try to add to your savings on a regular basis.