The day will come when you will need to use your savings in order to deal with an emergency. West Bank wants to share some smart ways to increase your savings! According to the Consumer Financial Protection Bureau, 24% of consumers have no savings set aside for emergencies. Being prepared is one of the most effective ways to keep not only your savings in check, but also your financial well-being. It is crucial that you prioritize your savings account to remain financially stable.
- Write it down: Before diving into a detailed financial plan, take a look at your finances as a whole. Review your income vs expenses and see where your current situation is. Then, set some realistic goals for how you can start putting more money into savings. A savings account is critical to have in a financial plan for many reasons. This account can help you build wealth over time and it can also be used when unexpected expenses arise and you need some extra cash. Having a written plan in place for your money goals will help you stay on track each month.
- Put away 5-10% of your income into savings: This tip will vary from person to person depending on how much money you make. A general rule to follow is to put 5-10% of your monthly earnings into a savings account. A savings account can be used for a variety of purposes, such as creating an emergency fund to cover unexpected expenses, such as a flat tire. It can also be used to save up for fun purchases like a vacation or a new phone. No matter what the purpose of your savings account is, having money set aside from your checking account is an important part of your financial well-being.
- Schedule your payments: Staying on top of your finances can be tough when life gets busy. One way to make it easier is by scheduling automatic payments for your bills. This way, you won't have to worry about missing a payment and incurring late fees. Not only will you save money by avoiding late fees, but you'll also have peace of mind knowing your bills are taken care of. Give it a try, it's a simple step that can make a big difference.
- Don’t let expenses exceed income: One important rule to keep in mind is to make sure your expenses don't exceed your income. This might seem like a no-brainer, but it's something that can easily be overlooked in the hustle and bustle of everyday life. To keep your finances in check, be mindful of your spending and make sure you're using your savings account for its intended purpose, like an emergency expense. By keeping an eye on your spending and being strategic with your savings, you'll be able to make your money go further
Reach out to your personal banker today or read more about West Bank’s saving account options here: https://www.westbankstrong.com/personal/savings