Mar 18, 2021 / Money Tips
Each new season brings a new opportunity to save. Whether you memorialize the moment with a resolution or you just have a general goal to save for your next big purchase, the right savings plan and the right follow-through can help you reach your goals. Here are 3 tips to help you meet your savings goals sooner.
The first step to reach your savings goals is, logically enough, to have an actual goal. What are you saving for? How much do you need to save each month to reach your savings goals by a specific date? If you’re saving for a new home or a new car, or a long-needed vacation, know how much you need to save and plan out specific month-by-month and year-by-year goals. Include this savings plan as part of your monthly budget, so you know how much money you can afford to save while still meeting your other obligations.
Especially if you have long-term savings goals, it makes a lot of sense to put your money in an account that can yield you higher returns. A money market account is a great option: it gives you three distinct benefits over other savings and/or investment accounts. First, you don’t have to give up access to your money. You can make a certain number of withdrawals every month, just in case you run into an emergency. Second, it’s a no-risk savings plan. Your money is federally insured, so you don’t have to worry about incurring losses in a volatile market. Finally, you’ll earn higher interest with unlimited deposits. So, the more you save, the more you’ll earn.
Even the best savings intentions can fall by the wayside, if you’re not careful. Stay vigilant with your savings. Check every month to see if you’re keeping pace and saving enough money to meet your goals on time. Look for reasons you may not be saving as much as you like and try to make adjustments the following month. Try to find extra money in your monthly budget (perhaps you’re not spending as much on food or entertainment as you expected). Take the surplus and put it into your separate savings account. Saving money can be a balancing act, but as long as you’re staying on top of your finances, you’re more likely to follow through with your goals.
Your savings journey starts now! To help you on your way, consider opening a Utah First money market account to get returns that are head and shoulders above the competition. Compare rates with the other banks and you’ll see that a Utah First money market account can help you reach your savings goals faster.