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In two easy steps, you can build a $10,000 savings account in four years without missing the money.
Saving money can seem challenging. Most Americans live paycheck-to-paycheck, and according to a Bankrate survey, only 37 percent of respondents said they could pay for unexpected expenses with savings.
But saving money is essential, and for many people, it is possible to save $2,500 every year without even noticing it’s missing.
Lynn Johnson, Bell Bank senior vice president and director of retail banking, says even small savings each month over a long period of time provide great rewards.
“You’ll never regret saving, but you might regret not saving,” she said.
First, make saving a priority. Pay yourself first by setting up your direct deposit to put $50 into your savings account with each paycheck. Or set up an automatic transfer from checking to savings to coincide with when your paychecks come in. For a couple or family, that might mean one less meal at a restaurant or one less trip to the movies, but it’s worth the sacrifice. If you’re paid every two weeks, that’s a savings of $1,300/year.
“If you really want to save money, it needs to be a priority, and not just something you’d kind of like to do,” Lynn said.
Second, sign up for a virtual piggy bank. Bell Bank’s ChangeSaver program rounds up every purchase you make and deposits the difference into your savings account. If you round up your purchases by $2, and you make 50 purchases a month, that adds up to savings deposits of $100/month or $1,200/year. Plus, Bell matches 5 percent of your ChangeSaver roundups, up to $250/year. That means Bell will add $60 to your $1,200 ChangeSaver savings.
When you add both savings plans together, that’s a total of $2,560 for the year. Just four years of this would give you a savings account of $10,240.
“We live our lives and make choices mostly from habits we’ve developed over the years,” Lynn said. “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.”
Call us or stop by and talk to a customer service expert or personal banker to sign up for ChangeSaver or ask about automatic deposits into your savings account.