10/07/2024 | Press release | Distributed by Public on 10/07/2024 22:08
Plenty of people have tried to save money, no matter their age. I stashed away some money throughout my 20s, but neglected to maximize my savings. Since then, I've learned more about finances and adjusted my money moves to be more successful. Want to learn from my mistakes? Find out which money-saving moves I wish I had made in my 20s.
A high-yield savings account is similar to a traditional savings account. However, many of these accounts offer higher APYs -- you can earn more interest while your extra cash sits in the bank. If you want to boost your savings account balance, keeping your savings in a high-yield savings account with a competitive APY is beneficial.
While I couldn't afford to save much in early adulthood, I would have benefited from automating my savings. Now, everything is automated. Every two weeks, money is transferred from my checking account to my high-yield savings account. This strategy ensures I don't forget or fall behind on my goals. It's easy and free to set up automatic contributions through your bank.
Let's imagine I could afford to save $50 per month and started saving when I was 20. If I had automated the savings process and treated my savings contributions like a must-pay bill, I would have saved $6,000 plus any interest I had earned in the bank by age 30.
If you can afford to save -- even if it's only $5 a week -- make it a priority. Treat your savings goals the same way you treat your monthly rent or electric bill. Of course, always pay your housing expenses first. But if you have a few dollars left in your checking account, prioritize saving some of whatever money you have left over.
Now I keep my savings in a high-yield account that keeps my savings goals separate. My account allows savers to stay organized using a bucket system. I have a bucket for each savings goal. This organizational system helps me stay on track.
For example, I have a bucket for my emergency fund and another for future vacations. I also have a bucket for upcoming, less frequent expected costs, like my annual car inspection and car insurance premiums. You may find tools like this help you save more money in the long run.
It's never too late to start saving.Get started with an Old National Savings Account.
This article was written by Natasha Gabrielle fromThe Motley Fooland was legally licensed through theDiveMarketplaceby Industry Dive. Please direct all licensing questions to[email protected].