Do You Have a Savings Account? If Not, You Need One

If you do not have a savings account yet, it's time to start one. No matter where you are in your life you need to have some savings for unexpected events such as loss of a job, unforeseen broken down household items, or health related issues. Every penny really does count when you are saving. Try these tips for opening up a savings account and start saving today.

Open a real bank account. The first step to saving money is opening up a real bank-based savings account. Just saving your money in a jar in your bedroom does nothing for you. Even a savings account with a very small amount of money in it will earn some interest. Your money is also safe and secure. And perhaps most importantly, you won't be able to get your hands on it as easily as you can if it's in your bedroom. Many savings accounts do have a minimum amount of money needed to open an account. This may be as little as $25, however. Whatever the minimum amount required is, it's a great start for your savings account.

Shave off the top of your paycheck. Taking the extra dollars and cents off of the top of your paycheck each time you are paid is a great way to start adding monthly payments to your savings account, without really missing the money. For instance, if your paycheck is $743.60, go ahead and deposit $3.60 or even $43.60 into the savings account. The point is, you probably won't miss that small amount of money, however, it will start to add up over time as part of your bank account.

Transfer funds once a month. Once a month, log on to your online bank account. From your checking account, transfer over whatever uneven amount of money is available to your savings account. For instance, if your checking account has $3254.56 in it, transfer over either $4.56 or $54.56 into your savings. This is a great way to make sure you balance your checkbook each month, and you'll end up with a little more cash in your savings account.