Stop Dreaming, Start Saving

Saving money can feel freeing and give a sense of security. But it can also feel a bit overwhelming to get started. And sometimes we feel that we’re stretched just living and paying for life and paying our bills. How are we going to have money for savings? I’m here to tell you that you can!
Start off small if you have to. Just get that cushion started! I remember back when I started a savings in my early twenties.  At first, it just felt so inadequate. Okay, I just put $30 in an account and how is this going to build anything? Is this really going to go anywhere?  But yes, it did! I kept adding whatever I could and as it grew it felt awesome. I could see it slowly grow and then it became more motivating. Do I need that new purse? I really don’t. I’m going to add that money to savings instead. I also set a rule to make no withdrawals if at all possible.

It does work best to make it automated. Set up that automated transfer to your savings to move money the 15th of the month. Set up your direct deposit so that your paycheck goes to checking but also set up part of it to go to your savings. When it’s automated, it’s crazy how we adjust and actually make ourselves live off of what we have. It’s so doable!

Lastly, the type of savings account that you have is very important. You want a high-yield savings account. Take the time to research the best savings account for you and one with a good interest rate so that your money will grow even more.  Many of the online banks offer great rates such as Capital One, SoFi, etc. The big banks just normally don’t offer higher rates. They are normally under .25% so take the time to find a great offer! It makes a difference in the long run.

The big takeaway is GET STARTED! Having a savings account gives us confidence and comfort knowing that we have funds there, just in case.  And it will grow! Just start it and automate that deposit and you’ll see it build in no time!