Finding ways to save can be very challenging, especially in the current economy. I know we all have good intentions but after paying the bills each month it may feel like there is very little left to save. But the important thing to remember is that saving a little over time can really add up.
One strategy that I learned a long time ago is to pay myself first. Each pay period, I have a portion of my paycheck directly deposited into my savings account. That way I don’t spend money I don’t see.
Whether you’re looking to save for a down payment on a house, or just for a rainy day, it’s important that you pay yourself first. Here are some proven ways to help you prepare for tomorrow – and down the road.
Saving for the Short and Long Term
Do you have short-term savings needs, such as saving for a down payment on a car, vacation, or a wedding? Or do you have savings goals that may take longer to achieve, such as retirement or a down payment for a home? With a little discipline and some smart choices, you can achieve your goals.
First, you’ll want to determine how much you’ll need. Depending on your goal, you can figure out how much you need to save each month to achieve your goal. You can use Metro’s savings calculator to figure out your savings plan.
Next you will want to find ways to save. Here are some simple ideas to help you save.
• Pay yourself first. Have a portion of your pay automatically deposited to your savings account.
• Save your next raise.
• Save extra change.
• Save the money you spend on treats and on coffee.
• Cut coupons.
• Save your tax refund.
The right account can make all the difference. Metro offers a variety of savings accounts that can help you reach your savings goals.