Tips for Setting Up a Savings Account

Last week I discussed one of the basics of taking control of your finances; creating a budget. This week, I will give you tips on creating a savings account so you can live with more financial freedom and less stress.

Creating a savings account is extremely important for everyone to do no matter your income, budget or what size your family is. Here are some resources for creating a savings account that anyone can do no matter what their personal budget is.

Tips for Setting Up a Savings Account

Before you start saving money, it’s important to know what kind of savings account you will be using. Here are some resources for exploring different savings account options:

Nerdwallet has a super easy list of different kinds of bank accounts and what they are best for.

If you aren’t sure whether to go with a bank or a credit union, Wallethub has a good infographic and article on the difference between banks and credit unions.

Don’t spend too much time on this process and don’t procrastinate. You don’t want to get stuck in the planning/research phase. Make it a priority to set up a savings account this month, even if you must start with the minimum amount that they allow you to deposit to do so. If you find a better savings account later, you can always transfer your money to a different financial institution at that time.

Finding Money in Your Budget to Save

If you are new to savings accounts, here are some ways you can create money to go into one:

Take some small steps to savings with these 9 frugal living baby steps for beginning savers.

Here are some painless ways to create an emergency fund.

Here are 101 ways to save a dollar a day so you can start saving small amounts today.

If you struggle with saving money, here are some ways to combat that and change your mindset:

Trick yourself into saving money with these tips.

Use these tips for saving money while living paycheck to paycheck.

You can build an emergency fund, even if you have a small budget. Here are some ways to build an emergency fund on a slim budget.

Bank Rate has 5 simple steps to make your money grow in your savings account.

One of the biggest tips I can give you for getting a savings account going is to make it a priority to pay yourself first so you can save. If possible, have money direct deposited into your savings account from your paycheck. You are less likely to spend the money if it never passes through your hands.

Are you looking for ways to save money, here are 52 small changes that will help you save more money this year. Don’t forget to Join the Facebook group to keep yourself accountable and discover more ideas for saving money.