By: State Bank & Trust (Member FDIC)
Trying to save money seems to be at the top of everyone’s New Year’s resolutions list, so we figured we would start out by offering some tips to help these three local families and all of The Forum’s readers get on track with saving.
First off, remember that you can save big through small changes. One way to do this is to set up a savings account. Like other banks, State Bank & Trust offers savings accounts with several balance and interest options. When choosing an account, look for the account type with the right minimum balance for your needs. Also be aware of any service fees, check-writing availability and when interest is compounded.
Some people may be thinking they don’t have any extra money that can be put aside; however, every little bit helps. If you can put aside even $20 per month, it will add up quickly. A great way to ensure that you’re constantly depositing money into your savings account is to set up a direct deposit from your paycheck. This way, you don’t see or touch the money that you plan to put into savings. To set up direct deposit, simply talk to the payroll department at your place of work.
Another saving technique is to open a certificate of deposit (CD). CDs usually have a minimum deposit, and terms normally range from 3-month CDs to 5-year CDs. Flexible CDs, on the other hand, give you greater flexibility with your funds. If rates go up, you may increase the interest rate once during the term of the CD. If you need cash, you may be able to withdraw some of the balance. To view the latest rates at State Bank & Trust click here.
One more way to add to your savings is to collect all of your change. You can place it in a canister, plastic bag or even a piggy bank! At the end of every month you could bring in the change and deposit it into your savings account. You will be surprised at how much you can save by doing this. And, if you’re a State Bank & Trust customer, you can bring in your change and we’ll count it for free.
Remember that you can save big through small changes. Pick one of the ideas suggested above and see where you’re at in 6 months. Chances are, you will be on your way to saving.