How to Invest In Yourself with Savings
Pay yourself first. Who hasn’t heard that saying? It’s basically the golden rule of saving money. Putting that old adage into practical steps is the key to actually building a healthy savings account. Here’s a quick and easy plan to invest in yourself with savings.
Savings Step 1:
Divert money to savings as soon as you’re paid. Or, better yet, have a portion of your paycheck directly deposited into your savings account. Just as you wouldn’t spend your car, house or rent payment, treat your savings money similarly. Deduct it immediately and forget about it.
Want an easy way to add even more to your savings? Try a Consumers National Bank Dimes to Dollars savings account. All of your Consumers National Bank checking account debit purchases are rounded up to the nearest dollar, and the difference is automatically transferred to your Dimes to Dollars savings account.
Savings Step 2:
Build an emergency savings with three to six months of living expenses. Ask yourself – how much money would I need to get by and pay bills with no income? This number will look different for everyone. Once you’ve saved your emergency cushion – congratulate yourself! That’s a huge step. Then, continue to save so you have money available when and if you choose to spend it.
Consumers National Bank also offers a Health Savings Account (HSA), where you can set aside pre-tax dollars to pay for qualified medical expenses. With your HSA debit card, you can access funds easily to pay for appointments, prescription medications and more.
Savings Step 3:
Get a raise? Pay off a debt? Use that extra money to build up your savings. Moving freed-up or extra money to savings might not sound like much fun, but remember – you’re investing in yourself and your future. It’s a great way to see your savings mount quickly.
Consumers National Bank offers a variety of savings accounts to meet different needs. We have Money Market Savings and Consumers Relationship Money Market, which offer tiered interest rates. Higher balances earn higher rates. Or we have a Consumers National Bank Personal Savings Account, where you can earn competitive interest rates and set up automatic transfers to your checking to avoid overdraft fees.
Explore Savings Account Options at Consumers National Bank
If you don’t already have a savings account, it’s time to open one. Whether you’re a young person starting out or any age at all, if you’re ready to get serious about saving – you need a savings account.
From our Youth Savings Account to CDs and IRAs and everything in between, Consumers National Bank has something for you.
Why not meet with your friendly, local Consumers banker? They’ll help you choose the best bank account for your savings journey. Contact Consumers National Bank to open your savings account today.