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In two easy steps, you can build a $10,000 savings account in four years without missing the money.
If you’re trying to saving money, you’ve likely come across numerous online articles promising to help you save $10,000 in a year (or less!). While possible, it’s not easy for many people to save that much money in such a short time and often requires a major lifestyle disruption.
Saving $10,000 is a good goal – especially if you’re trying to build an emergency fund, make a mortgage down payment or save for something big, like a car, wedding or dream vacation.
If you’re willing to put in the time, in 2 easy steps, you can build a $10,000 savings account in 4 years without missing the money. Seriously. For many people, it is possible to save $2,500 every year without even noticing it’s missing.
To make a goal like saving money stick, you’ve got to make it a habit – or something you don’t even have to think about.
“If you really want to save money, it needs to be a priority, and not just something you’d kind of like to do,” says Lynn Johnson, Bell Bank’s executive vice president of retail banking.
And you can make saving a priority with these 2 easy tricks:
If you’re paid every 2 weeks, that’s a savings of $1,300/year!
With your round-up savings and Bell’s match, that’s another $1,260 savings!
To sign up for ChangeSaver or if you need help with setting up automatic deposits into your savings account, call us or stop by and talk to a customer service expert or personal banker.
If you don’t have a savings account, you’re missing out on an opportunity to make your money work for you. Not only can you typically earn interest on a savings account, but it’s also set up to help you save.
Bell Bank savings accounts are not connected to debit cards, so you’re less likely to be tempted to spend the money you’re trying to save. And by making a minimum deposit and maintaining a minimum balance – often as little as $50 – you can start earning interest on the money you’re stashing away in a savings account. Your savings account can be connected to your checking account, so you can easily transfer money into savings (or into your checking account from savings when you need it) online or through your mobile app.
Here’s how a savings account works:
You can also be rewarded for saving more. When your regular savings account reaches $500 and you know you can maintain that balance, you can convert your savings account to a money market savings account. This type of account rewards higher balances with higher interest rates.
You can open a savings account online, by calling us at 800-450-8949 or by stopping by any of our bank locations and talking to a customer service expert or personal banker.
Looking for more ways to become a better saver? Consider turning saving money into a game.
If you often pay with cash, you can save a lot of money by putting away every $5 bill you receive. One blogger saved more than $3,000 in one year by saving her fives. Even saving four $5 bills a week would generate $1,040 in savings in a year.
Or, consider a 52-week money saving challenge. You can start small and build the amount of money you save over time by saving $1 the first week, $2 the second week, and so on. Or, if you think it might be hard to save $202 in December, you can flip it around, save $52 in week one, and work your way down.
By the end of the year, you’ll have racked up $1,378 in savings!
“We live our lives and make choices mostly from habits we’ve developed over the years,” Lynn notes. “In order to be a good or better saver, we may need to develop new habits. To do this, you need to make a conscious choice to make good decisions with your money every day and be intentional about the things you buy."