Painless Savings Account Tips
For those of us with shallow (or non-existent) high interest savings accounts,
there are some relatively simple steps we can take to put dollars away in
I'm sure you have all heard about 401K plans and company matching
contributions, and how they increase retirement savings. The company match dollars are free money, so if there is any
way possible to enroll in the 401K you just have to take it! This is a
method of accumulating retirement savings that's relatively painless, with personal
contributions taken out of our pay automatically. There is plenty of
information readily available on 401K plans. But there are other ways to
save money also...
A few years ago, I started taking all my pocket change at the end of the day
and stuffing it in a jar. When the jar filled up, I moved on to bigger
containers. I don't know exactly how long I was doing that, but it was
probably somewhere in the neighborhood of 4 years. My pocket change got so
heavy after 4 years that I couldn't lift it any longer! Maybe I should go
buy a Plasma TV this year with the savings I accumulated? Nah, I'm still
exercising my consumer restraint....!
Banks are even offering incentives for individual savings these days!
Bank of America has a plan called "Keep the Change". I'm reminded of it
every time I go to their web site. Each time you buy something with your
Bank of America VISAŽ Check Card, they round up the purchase to the nearest
dollar amount and debit your checking account. Then, they transfer the
difference from your checking account to your savings. It's an automatic way
to start saving, and with little or no effort on our part. And I always
save the best for last of course!! For the first three months Bank of
America will match your "Keep the Change" savings at 100%. Think that's
enough? Nope, they just keep on giving...!!! When the first three months
are over, they continue to contribute 5% a year, every year!
Be sure to check out their web site for important details about the plan.
The matching funds are credited to your savings account yearly, so you won't
see the money right away. There are a few more details you need to know
also, but the main thing to keep in mind is that they are GIVING YOU MONEY!
Check their web site to get all the details if you are interested. If you
don't have an account with Bank of America, maybe your bank has a similar
And while we are on the subject of banks, you are taking advantage of online
banking and bill pay right? Why pay money for envelops, stamps, and
checks? You can bank online for free at most banks these days!!!
You can also check into an internet savings account for savings online.
So there you have them!
Four simple ideas to save you money. Maybe you have
already thought of even more ways to save. You can do it! Just remember to
stay away from impulse buying, exercise your consumer restraint, and avoid
wasteful spending. It's amazing how easy saving money becomes when you
start to see the savings account build up!