Latest News / When it Comes to Savings Accounts, Start with a Goal
When it Comes to Savings Accounts, Start with a Goal
October 23, 2018
Sure, you know that saving is important to your overall financial wellness, but how many people actually use their savings accounts as an active tool in their financial plan? Well, to start, one of the best ways you can make sure you are using your savings account to its truest potential is by starting with a goal.
Why do you have a savings account? Is it to create an emergency fund? Are you looking to make a major purchase? Do you have a family vacation you are planning?
Whatever the reason, everything starts with forming that goal. For instance, if you have done your research and you have budgeted $3,000 for that family vacation and you have only $600 budgeted so far, you know you need another $2,400 to save. How do you get there?
Well, if you estimate your vacation will be this time next year (12 months), you know you will need at least on average of $200 saved per month. The advantage of certain savings accounts, also, is that some are higher-interest bearing accounts; meaning: you earn more on what you save.
So how do you put your plan into action? There are several first steps you can take:
- Schedule a free financial checkup with a Centier banking center and determine what types of accounts you will need to reach your goals
- Sign up for a program to automatically transfer funds into your savings account to stay on track
- Schedule regular reviews with your family to track progress and stay motivated
- Look for ways to reduce spending and use extra income towards goals.
Want to learn more? Centier Bank’s Community Relations and Business Development team offers Centier to You presentations on site to help businesses and employers educate their staff on financial health. Contact Sheila Sieradzki at firstname.lastname@example.org to take advantage of this no-cost opportunity!
Your local Centier Bank banking team is also here to help. Click here to find the Centier branch closest to you.