Budgeting & Saving

3 Options for Saving Money in a Low-Interest-Rate Environment

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If you've found a way to consistently save money, you may be on the path to long-term financial success. But once you've created an effective strategy for saving money, the next step is to find a smart place to deposit the money you've saved. Read More about 3 Options for Saving Money in a Low-Interest-Rate Environment

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Staying on Track

Creating and following a monthly budget — including regular saving — can help make your financial goals a reality over time. Make a habit of knowing how much you spend and save so you can enjoy financial security and freedom.

Have a Plan

Set aside a time and write down your plan to save money for future expenses such as paying down debt, purchasing a car, paying tuition and charitable giving. Update the plan at least once a year.

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Pay Yourself First

Make sure you’ve established a routine of saving some money with each paycheck. Open a separate account and set up an automatic deposit of at least 10 percent of each month’s income. Then build your budget from your remaining income.

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Emergency Savings

Creating an emergency fund is your top saving priority. Plan for the unexpected by saving at least 3 to 6 months of living expenses in a separate, interest-bearing account. Consider adjusting the amount over time as expenses and family financial obligations change.

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