Budgeting Basics: Check Your Savings
“Save money,” is an overused and ambiguous piece of advice that’s been thrown your way since the first time you got your hands on a few dollars (or cents).
It’s rare that anyone ever elaborates on that advice to give you recommendations for how to save that are actually useful. So here are a few pieces of advice on what to do, and what not to do, to help you save.
- Budget for saving money. Don’t just give yourself the leftovers at the end of the month.
- Keep the money you’re saving in a separate account. It’s simple to open a new savings account through CentraLink online banking and set up automatic transfers to that account. You can have any amount you want transferred on a day that works for you– like pay day.
- Retirement WILL happen someday. Plan for it. Take full advantage of your employer sponsored retirement plan or set up automatic transfers from your payment to a retirement account. You won’t miss that money if you never see it.
- Don’t count on overtime and bonuses in your regular budget. Put those straight into savings.
- Remember, you can’t afford luxuries if you can’t afford to save.
The really great perk of saving money is watching it grow. The more money you put in savings, the more interest you earn. Find the right interest-bearing account for you here.