Ways to build a savings account

You’re just starting out. Do you have a savings account? Now is the time to set aside for that rainy day fund, unexpected expenses or that special vacation. It may seem overwhelming to save money when there is always a bill or expense, but you can successfully build a savings account with some simple steps.

The best way to start is to review your current expenses. As you review your bank and credit card statements as well as bills, look for expenses to cut. Maybe it is the magazine subscription you really don’t use or the online subscription you forget about each month. Do you really need a treat from Starbucks each day? Instead of the money going for these expenses you don’t need, cancel or stop spending on these items and instead have that money automatically go into your savings account.

Consider eating at home more often or packing your lunch or snacks instead of running out for a quick lunch. It is much more cost effective (as well as healthier!) to put together your own lunches and snacks. If this is too difficult to do each day, at least cut back on how often you eat out. Again, look at how much you are saving by doing this and roll it into your savings account.

Another way to build your savings is to simply take on a second job. It could be a short-term or a long-term opportunity or even a seasonal one. Just make sure you aren’t using that second job income to increase your overall spending. Having this paycheck automatically deposited into your savings account helps prevent that extra spending right away.

Ready to get started? Our Basic Savings Account is ready for your savings plan!