#FindYourFunds: Start A Savings Account
Hello fellow Holiday-ers! We’re excited to begin a series that we hope will help you reach your travel goals faster than ever. #FindYourFunds was created to provide you with practical steps for raising and saving the money you need in order to properly fund your next adventure.
Our first step is probably so obvious that you might be tempted to roll your eyes. But roll on if you must, because the first way to begin collecting those coins for travel is by having someplace to put therm. That’ why our #FindYourFunds series begins with…
Start a Savings Account
This seems rather self-explanatory, but if done effectively it is crazy how quickly your travel fund can grow! If your trip is planned for a time in the future, open a savings account at your local bank and decide on an amount of money to set aside every week/month etc. However, sometimes finding the right bank can help you out that much more! Here are some tips to help you pick the right bank to open your savings account:
- Look for “Welcome Offers”.
Sometimes, banks will pay you to open an account with them. I’ve seen some pay out as much as $200 dollars for a new account opener! That’s $200 straight into your new savings account. Do your research and see if you can score some cash just by signing up.
- Check for auto-transfer.
Obviously the point of a savings account is to save, and if all your money is your checking, you are much more likely to spend it! Check to see if your bank and link your checking account with your new savings account, and see if you can have your bank automatically transfer a certain amount of money out of your checking into your savings every week/month etc.
- Consider an Online Savings Account.
Want to get really serious about saving? Consider an online savings account. MySavingsDirect.com or AllyBank are two great sources that allow you to save money and manage it online, which makes it much more difficult for you to spend the money you put into it. Now, you’ll have to really think twice before dipping into that savings to buy those shoes you found at the mall!
- Find the highest Interest Rate.
Interest rates are super important. This is essentially the bank paying you for keeping your money in their bank. The higher the interest rate, the more money you will get every money the longer you keep your money in there. Another reason to not take but only add to your savings until you’re 100% ready to use it!
Hopefully, these tips will make opening a savings account seem less complicated and nerve-wracking than it actually is. Also, don’t be afraid to be picky; this is where you’re storing your hard earned money! After finding the right bank for your new savings account, you’ll have the money you need in no time, and be on your way to your next destination!
Check out our “Checklist for Saving Success” below so that you will have everything you need to open your new savings account!
We’ll be diving into a variety of techniques over the next few weeks, including the best jobs and saving tactics so that you can get moving and efficiently make the funds you need. Stay tuned next week for more ways on how to #FindYourFunds!