In partnership with GreenPath Financial Wellness

Saving money can be challenging, especially during times of uncertainty. In general, we’re wired to take care of our needs now and worry about the future later. However, saving money is a critical component of both short- and long-term financial wellness, and having a healthy amount of personal savings can make all the difference.

Here are four reasons to start saving now, plus tips for getting started:

  1. Be prepared for emergencies.

Setting aside a monthly amount protects you in a financial emergency. Perhaps it’s a surprise medical bill, car repairs, or temporary loss of income—there are many reasons why an emergency fund is critical to handle unexpected expenses. Plus, having an emergency fund gives you peace of mind and prevents you from going into debt. We offer lots of options for the best savings accounts online with some of the most competitive rates on the market, so you can earn while you save.

2. Manage Planned Expenses

A plan allows you to take control of managing your monthly income, expenses, and goals. Building personal savings can help you budget for large, anticipated expenses like a dream vacation or a new appliance. Our Club Vacation Savings is a personal savings account option that allows you to save for a specific goal.

3. Reduce Stress

Financial stress is real. It can be overwhelming to have bills and expenses that are a struggle to pay each month. Many researchers see a significant connection between financial stress and mental health and wellbeing. When you build up savings, you reduce financial stress and give yourself the gift of peace of mind. Building a personal savings account and watching your money grow is a good money habit that you can pass on to your children to build a stronger, healthier financial foundation for yourself and your family.

4. Gain Financial Freedom

Freedom might not be the first reason that comes to mind as a benefit of setting up a personal savings plan—but our trusted nonprofit partners, GreenPath Financial Wellness, report that clients enjoy an improved sense of financial flexibility after building up their savings. Setting aside even $20 per paycheck can provide a feeling of freedom due to the buffer that savings provide. Having personal savings offers you more freedom to choose how to handle your finances, rather than feeling stuck in a particular situation.

 

Quick Tips to Jumpstart Your Savings

  1. Assess Your Budget: review your income against your expenses to see how much money you can save per month. Determine unnecessary expenses you can cut if need be, like entertainment subscription services.
  2. Commit to an Amount: Decide on a realistic dollar amount that you can save on either a weekly or monthly basis, then stick with it.
  3. Set It and Forget It: Automate deposits into your personal savings account. Trust us, it feels great to see the funds in your account rise every month!
  4. Make It a Family Affair: Work with your partner to achieve goals together. Getting younger ones involved can instill healthy financial habits early.

 

Saving for the future is closer than you think. We offer a variety of the best savings accounts online, customized to suit your needs. Take advantage of our no maintenance fees, high-yield interest rates, and quality customer service. Building personal savings can seem like a daunting task, but with practice and patience, you’ll see results.

Want to learn more? We’ve got personal savings tips and financial advice here: