It’s easy to postpone the habit to save, but a solid plan is key to success. By following some basic guidelines, you’re more likely to achieve financial security. We recommend beginning with these five steps:
- START NOW. The earlier and more you save, the more your money will grow. With compounding interest, you earn interest on what you save, as well as on the dividends generated.
- SAVE WHAT YOU CAN. It doesn’t matter how much you save, just make sure to save consistently. Start with a comfortable amount (even $10 or $20 per paycheck), then slowly increase it. Ultimately, if you can put 10 percent of your paycheck into savings, you should be in great shape.
- MAKE IT AUTOMATIC. Use automated transfers to get in the habit of saving. You can set up automatic transfers in online banking or with a universal banker. Another option is to have your employer directly deposit a set amount into savings from your paycheck.
- PLAN AHEAD. Open separate accounts for specific savings goals, such as vacations or holiday shopping. By putting money in accounts designated for specific goals, you are less likely to use the funds for other purposes.
- INCREASE YOUR FINANCIAL KNOWLEDGE. Knowledge is power. Take advantage of some of our financial education classes. Some of the classes can help you save a lot of money!
Ready to take the next step? Fidelity Bank has savings accounts, term deposits and more to help you meet your financial goals. Contact us today.