If you haven’t set up a savings account, make 2024 the year to do so.
Putting away as little as $5 a month can add up!
In addition, when you begin to see those nickels and dimes make dollars it’s exciting and this will make you want to save even more to see your bottom line grow.
What’s hard, is getting started.
That’s because a lot of savings programs out there have fees, a certain amount you need to enroll (often $50 or more), minimums you must keep in the account, and they may not allow you to take out your cash when you need it without jumping through a ton of hoops and long wait times. That’s why…
I’m going to give you three great choices that make saving easy – even on a tight budget.
The first savings option is to enroll in the American Express High Yield program.
What’s fantastic about it, is there is no minimum amount to open it, no minimum balance that you must maintain, no fees, you can withdraw your money easily whenever you need it, and they deliver it to you in a timely fashion. This savings account also has one of the highest interest rates out there – currently 4.35% APY. Set up an amount to be withdrawn from your bank every month and direct deposit more on the weeks or months that you’ve got extra cash.
The second savings option is to enroll in Bank of America’s Keep the Change Program.
You’ll need a bank account with BofA to make use of this opportunity.
What’s easy about the Keep the Change Program is that you won’t feel the pain of putting money away because it’s so little (which once again adds up). Whenever you use your ATM card, Bank of America will round up to the next dollar, then transfer the change from your purchase to a savings account. Even if it’s only one cent it’s going to pull that over to your savings – every bit counts! It works like a charm and really does add up.
The third savings option and I know this sounds silly, but it works! – is to get yourself a good old fashioned piggy bank.
Whenever you use cash and get change back do not put those pennies in your purse or pocket, dump them in pig. You will be shocked at the end of the year how much is in there when you finally empty it out. Then you can take that amount, put it in AMEX High Yield Savings and continue to save and earn interest on it.
Commit to putting something away this year no matter how small – build that nest egg!
Main photo credit: iStock.com/Dragon Claws
First photo credit: iStock.com/Sergey Dolgikh
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Alyssa Collins hails from Minnesota, where snowy days were the perfect excuse to stay warm inside and write. Over the years, she turned that joy into a career and has authored numerous articles for various publications (under pen names). Email Alyssa via alyssa@ynot.com.
