Feb 132018

How to Start Saving

Posted on February 13, 2018 Uncategorized

How to Start Saving

 

Saving money can seem like a huge feat, but in actuality, it’s really easy to get started. Whether you want to save for something big like a new car, or something small like concert tickets, it’s never been easier to get the ball rolling with a new savings account.

 

With banking technology improving every day, we’ve come up with a number of tips on how to start saving money in a stress-free way. Here are a few of our favorites:

 

Open a savings account. This is a sort of “thank you, Captain Obvious” answer, but it’s the crucial first step in saving money. Polam FCU’s Vantage Savings accounts are designed to give you the advantage, with a low opening balance, no monthly or annual service fees, access to our online banking and mobile app, and access to our rewards program.

 

Take advantage of direct deposit. If you use direct deposit with your employer, you can allocate a certain percentage of your paycheck to go into your Vantage Savings account. This way, you don’t even have to think about it – in a few months, you’ll have a good savings nest started.

 

Look into IRAs for more in-depth savings. If you’re saving for something big, such as retirement, an IRA is a good option once you’ve gotten the ball rolling with your savings account. Polam FCU offers IRAs with flexible term options, no monthly or annual fees, competitive interest rates, and your interest is compounded daily.

 

Start an emergency fund. Financial experts suggest starting an emergency savings fund that equals roughly three months’ salary. Whether it’s for an unexpected medical emergency or car repairs, or if you unfortunately lose your job, having that money set aside can make the difference between financial security and financial dire straits.