Consistently saving money becomes easier when you automate it. Arrange for automatic transfers from your checking account to your savings account on a monthly basis. This way, you save a portion of your income before you have the opportunity to spend it. Most banks and financial apps provide features that allow you to schedule these transfers, making saving an effortless part of your financial habits.
Maintain an emergency fund with enough money to cover between three and six months worth of living expenses. An emergency fund should be liquid – in an account that isn’t at risk of significant fluctuation like the stock market. The tradeoff is that the value of liquid cash can be eroded by inflation. But a high-interest account allows you to earn compound interest. Compare savings accounts from these banks.
A financial advisor can help you manage and grow your savings over time. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.