Tips & Tricks to Make Saving Simple
Dec 30 2020
How to Easily Save $10,000 in 4 Years
If you’re trying to saving money, you’ve likely come across numerous online articles promising to help you save $10,000 in a year (or less!). While possible, it’s not easy for many people to save that much money in such a short time and often requires a major lifestyle disruption.
Saving $10,000 is a good goal – especially if you’re trying to build an emergency fund, make a mortgage down payment or save for something big, like a car, wedding or dream vacation.
If you’re willing to put in the time, in 2 easy steps, you can build a $10,000 savings account in 4 years without missing the money. Seriously. For many people, it is possible to save $2,500 every year without even noticing it’s missing.
2 Ways to Develop Money-Saving Habits
To make a goal like saving money stick, you’ve got to make it a habit – or something you don’t even have to think about!
And you can make saving a priority with these 2 easy tricks:
2 Simple Money-Saving Tips (and How to Get Bell Bank to Pay YOU to Save)
Pay yourself first by setting up your direct deposit to put $50 (or more!) into your savings account with each paycheck. (If you don’t have a savings account, you should! We’ll explain it more later.)
Alternatively, you can set up an automatic transfer from your checking to savings to coincide with when your paychecks deposit. For a couple or family, that might mean one less meal at a restaurant or one less trip to the movies but – trust us – it’s worth the sacrifice.
If you’re paid every 2 weeks, that’s a savings of $1,300 a year!
Sign up for a virtual piggy bank with our ChangeSaver™ program. ChangeSaver rounds up every purchase you make with your Bell Bank debit card and automatically deposits the difference into your savings account.
You can choose to round up in the following ways:
If you round up your purchases by $2, and you make 50 purchases a month, that adds up to savings deposits of $100 per month! Plus, Bell matches 5% of your ChangeSaver roundups, up to $250 per year.
With your round-up savings and Bell’s match, that’s another $1,260 in savings!
When you add both savings plans together, you could save $2,560 for the year. Just 4 years of this would give you a savings account of $10,240!
Interest and Other Benefits of a Savings Account
If you don’t have a savings account, you’re missing out on an opportunity to make your money work for you! Not only can you typically earn interest on a savings account, it’s also set up to help you save.
Bell Bank savings accounts are not connected to debit cards, so you’re less likely to be tempted to spend the money you’re trying to save. By making a minimum deposit and maintaining a minimum balance – often as little as $50 – you can start earning interest on the money you’re stashing away in a savings account.
Plus, your savings account can be connected to your checking account, so you can easily transfer money into savings (or into checking from savings when you need it) online or through your Bell Bank mobile app.
How a Savings Account Works
- You deposit funds into your account (just like a checking account).
- In exchange for maintaining a minimum balance of $50, you earn interest on those funds.
- Interest rates depend partly on the type of savings account you have. A higher minimum balance could earn you a higher rate.
- Interest earnings are paid into your savings account monthly or quarterly, depending on the type of savings account you have.
You can also be rewarded for saving more. When your regular savings account reaches $500 – and you know you can maintain that balance – you can convert it into a money market savings account. This type of account rewards higher balances with higher interest rates.
Turn Saving Into a Game With These Challenges
Looking for more ways to become a better saver? Consider turning it into a game! Whether you want to save for vacation or build an emergency savings account, here are 3 games to try:
$5 Bill Challenge
If you often pay with cash, you can save a lot of money by putting away every $5 bill you receive. In fact, one blogger saved more than $3,000 in one year by saving her fives.
Even saving four $5 bills a week would generate $1,040 in savings in a year.
52-Week Saving Challenge
The 52-week money saving challenge allows you to start small and build the amount of money you save over time. Start by saving $1 the first week, $2 the second week, $3 the third week, and so on.
If the last weeks of the challenge land in a expense-heavy month (like December), feel free to reverse the challenge by saving $52 in week one, $51 in week two, $50 in week three, and so on … working your way down to $1 in week 52 of the challenge.
After 52 weeks, you’ll have racked up $1,378 in savings!
Savings Goal Tracker
If you’re a visual person, seeing a physical representation of how close you’re getting to your savings goal might be the extra motivation you need.
Consider printing out a savings tracker (like this one from Bell), or you could get creative and make your own.
Ready to Start Saving?
Browse our savings account options, and open an account online today!
Set a Savings Goal
Take our FREE, 5-minute online course on savings accounts to get started.