Building to your Savings Goals

If the stack of bills you receive every month causes you anxiety, you’re not alone. A survey conducted by the Consumer Financial Protection Bureau in 2016 showed that 43% of American struggle to pay their bills. The study went on to show that having a savings cushions strongly enhanced participants’ financial stability. Building your savings may seem simple, but sometimes we need to go back to the basics and remind ourselves of the benefits of a savings account.

Start somewhere

Maybe it’s been a while since you’ve really set your mind to save. However, like a diet, it can be hard to reach your savings goal without a plan. Here are a couple tips to get started:

Your savings strategies can look very different depending on whether you are just starting your first jobor have children to factor into your budget, so don’t compare your plans to others’!

Categorize your Savings

You can also designate your savings for different uses. For example, there are,

Where can I put my savings?

Now that you have a plan and some goals for yourself, it’s time to decide where to put your savings. Decide whether your goals require you to save or invest. Whether you choose to have a traditional savings account or a Certificate of Deposit, look for banks that offer high interest savings or CD accounts that will earn money on its own.

By training ourselves to create good savings habits, we are also teaching ourselves to work towards our goals and to be responsible. Besides, research has shown that saving money makes us happier!

At Belmont Savings Bank, we want to help you reach your savings goals. Apply for our high-interest savings account or CDs today!