The earning power of women has increased significantly over the past decade, but saving money should be an important part of every woman's life, no matter what her income level is. And whether you're new to saving money or just want some "back to the basics" ideas, Ally Bank is here to help. Take a look at the following tips to help get you on your way to a lifetime of successful saving.
Keep a spending/saving journal. There's no way to know how much money you are truly spending unless you track it. Most every bank gives you online access to your everyday accounts, so carefully review this information often to see where your money goes. You also can use spending journal spreadsheet templates or smartphone apps that can help, but the bottom line is to find a system that works for you.
Create a realistic budget. Budgeting is a logical next step when your goal is saving money. And just like your method of keeping tabs on spending, budgeting can be as simple or as complicated as you need it to be. Whether you use notebook paper or sophisticated personal finance software, a combination of both or anything in between, your goal is to decide where your money is going to go each month—and stick with it.
Open a CD. A certificate of deposit (CD) is a solid, low-risk way of saving money. Just remember that you usually can't withdraw funds from a CD until it matures without paying an early withdrawal penalty. One exception is the Ally Bank No Penalty CD, which allows you to withdraw all your money, including interest earned, without penalty, any time after the first six days following the date you fund your CD. Generally, the longer the term, the more interest you will earn, so balance your goal of earning the best interest rate against the likelihood that you’ll need the cash before maturity.
Start saving money for retirement. Regardless of how you see life in your "golden years," it's going to take money to make it happen. And unlike some of life's unexpected expenses, it's a given that as you age you’ll still need income, whether you continue to work or live on your savings. Either way, participating in a 401(k) plan or another type of employer-sponsored retirement plan is usually a solid way to start saving money for your long-term needs. You may also want to consider the Ally Bank accounts that may be opened as Individual Retirement Accounts (IRAs). Consult a financial planner familiar with your situation to help choose the right strategy for you.
Ally Bank is committed to making saving as easy, secure and rewarding as it can be. From our Interest Checking Account and Online Savings Account to a full line of CDs and more, Ally Bank is here to help you reach your financial goals. Learn more at Allybank.com or call live, 24/7 customer support at 877-247-ALLY (2559) today.