November is for Savers
Have you found yourself at the end of another year and you still don't have money saved? Follow these steps to help you get started
Determine how much you want to save and write it down.
Divide this amount by how often you will put money in savings. It can be weekly, bi-weekly, or monthly, for example.
Open a separate account or use an existing account that has low activity.
When opening a new account, be sure to check the minimum balance requirement, withdrawal limits, and monthly service charge.
Set up an automatic transfer into your account.
If your bank or credit union lets you title your account, do so - for example, Emergency Savings.
Having money put aside for specific purposes is a great way to avoid dipping into your "big savings" and incurring unnecessary debt. Some savings ideas are travel, car maintenance, home repairs, annual dues, a wedding, and hobbies.
Happy Saving!
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