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How to be Smart About Savings Accounts

6 easy steps to help you navigate savings accounts and save money wisely.

6 easy steps to help you navigate savings accounts and save money wisely.
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Video Transcription: How To Be Smart About Saving

To complete the task, you will need: Goals, Interest projections, Automatic deductions.1) Jot down a few big ticket items you’d buy if you had the money, and then open a savings account for each of them. Studies indicate that putting aside money is much easier if you are saving it for something specific. Once you’ve saved the money, you may find that you don’t want the item after all. Envision your goal as you make the deposit. Research shows that the brain gets almost as much pleasure imagining it as you would actually making it. 2) Calculate how much money you'll earn if you put your money in various interest-bearing accounts. People often underestimate how fast their numbers can grow. Crunching the numbers could provide the inspiration you need. 3) Have savings automatically deducted. Experts say it's the most painless way to save. If you get a raise have the increase added to your automatically deduction immediately. 4) Consider keeping your savings in an online-only bank, where interest rates can be higher since there are no bricks and mortar buildings to maintain. 5) If you park money in Certificates of Deposit, do what's known as "laddering". Spread money among as many accounts as you can, staggering maturity dates. That way all your money doesn't get stuck in a low paying CD if interestrates go up and you lock in the higher rates on some accounts if interest rates take a tumble. 6) Keep just enough money in your checking account to pay your bills, even when interest rates are low, it makes no to keep money in an account earning nothing. Did you know two out of three young people say financial fitness is more important than physical fitness?

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