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    • Traditional IRAs
  • Home
  • Savings
  • CD Rates
  • Mortgages
  • Bank Games
    • Bank Game: Financial Football
    • Bank Game: Road Trip to Savings will Make or Break You
    • Jet-Ski Your Debt Away
  • Articles
    • We Are Rich
    • Time or Money
    • 7 Correct Money Principles
    • A Penny Saved Is A penny Earned
    • Slash Spending – Boost Your Money Market Account
    • Save Money on Household Utilities by Going Green
    • Saving Money and Sanity with Realistic Savings Goals
    • Money Resolutions: 3 Steps to Keep Them
    • How to Earn 13 Times the National Average Savings Rate FDIC Insured
    • 3 Easy Rules for Saving Without Budgeting
    • Budget According To Priorities Not Impulses
    • How Market Linked Certificates of Deposits Work
    • 15 Money Saving Tips That Will Beef Up Your Savings Account
    • Simple Steps to Getting a Savings Account
    • Savings Tips for Thriving in the Recession
    • 10 Simple Ways to Save Money Now
    • Real Money Saving Tips- From Real People
    • Just What Is a Savings Account?
    • What is a Rainy Day Savings Account?
    • Money Market Account vs. Savings Account Comparison
    • How to Find and Reduce Hidden Expenses
    • Is Your Bank Doomed to Fail? 5 Ways You Can Protect Your Savings Account
    • Traditional IRAs

Saving Money and Sanity with Realistic Savings Goals

guy-watering-money-tree

You don’t have to have a substantial pay raise or get an inheritance  from your rich uncle to boost your savings account this year.  The real key is to stay focused on keeping more cash in your savings account and cutting back on every day expenses. Thanks to bank reviews on the internet, finding the best banks is now easier than ever.

We all know the sure fire way of emptying a savings account and turning savings goals into a distant dream: Impulsive Buying. It’s often far too simple to do it, but don’t.  Plan your purchases, and be sure to stick to your plan.

Pre-paid debit cards, recently rising in use and popularity, are excellent ways to control spending and follow a budget.  Choose wisely though, some can come bearing high fees and heavy penalties.  There are two pre-paid debit cards I would recommend:

1. Mango Pre-paid Card

2. Smarty Pig Pre-paid Card1

– If you find it too hard to manually transfer money into savings each month, have your employer take money right off the top of your salary for your retirement or other savings goal.

You can also consider using SmartyPig.com, which allows you to create multiple savings goals, choose dates you want them accomplished by, and select how much you would like withdrawn from a checking account each month.

With the money you got from that raise it should have been easy to build up your savings, right?

Wrong.  How about that higher paying job? Weren’t you able to double your savings in no time flat? I wish.

It’s been proven time and time again that the more you make, the more you spend.  So don’t wait to make more money before you save.

Be specific.  Use savings calculators to see how much you will have saved if you put $250 a month into an account for 4 years.  ($12,000) Calculating it out can help you to see the big picture and stay motivated.  It will ensure you that it is worth it!

Have specific goals and write them down.

Review your goals every Sunday or at least once a month and report to a friend your progress. Tracking your goal will increase your desire to keep saving. Sharing your goal with others will make you more honest with yourself also.

Always make sure you’re earning the best money market rate possible.

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APY

APY or the annual percentage yield is the real rate of return of an investment over a period of a year taking into account the effect of compounding interest.

Compound Interest

Compound interest occurs when the interest earned on an account is credited back to the account and then interest is earned on the new total balance.

Depositor Insurance

All banks and credit unions listed or reviewed on this site are either FDIC insured or for credit unions NCUA insured. Currently FDIC and NCUA insurance provide insurance up to $250,000 per depositor per institution.

National Average Savings Rate Calculation

The national average calculations were obtained from the Weekly National Rates published by the FDIC.gov website.

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