Savings and financial goals
It’s difficult for some people to stick to a savings plan with a busy life getting in the way. Long-term commitments are easy to remember, but frivolous spending after the big bills are paid could be holding you back from building a decent savings. In part one of this series we talked about how making a list of expenses and making a financial goal can help you to build your savings in 2016! In part two of this series, we’ll talk about a few more things you can do to get started.
1. Make An Immediate Deposit: Some financial experts agree that if you take a portion of your check and immediately make an immediate deposit into your savings account that you are less likely to miss the money since you never really “saw” it. This would potentially prevent you from wanting to spend the money on other things, helping you to stick to your savings plan for the year.
2. Decide How To Deposit Savings: It’s recommended to keep your checking account and savings separate so that you can keep track of each without blurring the lines. You could choose a standard savings accounts with interest accrual and some ability to withdraw funds. Other options include a Certificate of Deposit (CD). The amount you put in the CD receives a fixed interest rate and generally has a maturity date after one month to five years. In addition, you cannot withdraw money from it ahead of time without incurring a penalty.
These are short-term goals to help you start building your savings in 2016. Speak with your financial advisor for more details and to get headed in the direction that is right for you. Our team here at The Scott Godwin Agency is excited to start our own financial savings plans in 2016!
If you’d like a little more information on some long-term financial goals like Life insurance we would be happy to help; just come see us!