Welcome back to our financial fitness series! Now, where did we leave off? Ah yes, saving money. If you think about it, saving money is kind of like “leg day” — Important to a balanced fitness plan, but often overlooked (looking at U, UMe Emu). We’re here to tell you that it doesn’t have to be so difficult! As a matter of fact, growing your savings account can be quite easy. Not convinced? Let us help with a guide to building a healthy savings account.
How to Save
Our spokes-bird and financial fitness expert, The UMe Emu, always likes to say “The early bird gets the worm”— which is kind of funny because, well, he’s a bird! And when talking about finances, he’s totally right. Getting started on your financial goals early is the best way to get ahead and makes saving money a habit.
Saving money should be a staple in your financial plan. Hear us out here: Let’s say you set aside $20 a week, which is about the cost of take-out dinner for one person. There are 52 weeks in a year, which means that $20 a week can add up to $1,040 over the course of a year! Then, you’ll have money saved up to help cover those holiday gifts and expenses without having to charge them on a credit card.
You can start small and gradually increase the amount per week or month, if you can swing it. To make saving even easier, you can also schedule an automatic transfer between your checking and your savings, so you won’t have to do a thing! Don’t you just love when things are done for you?
As always, our team of UMe Personal Financial Trainers (AKA Personal Bankers) are here to help! We’re just a click, call, or lobby visit appointment away!
Tune in next time where we’ll discuss transferring the balance of your current credit card — so you can save even more! Until then, keep up the good financial work, UMe-verse!