A Harris Poll released earlier this year pointed out the shocking fact that 27% of U.S. citizens have no savings and 34% currently have nothing saved for their retirement. But a new post over at Bargaineering reminds readers that saving for the future doesn’t have to be difficult. In fact according to them, you can take your savings to the next level in under a minute.
Author Miranda Marquit encourages those who want to ramp up their savings to first think about exactly how they want to save. Do you want to put your money in a money market account? A CD? She goes on to suggest looking around online for banks that offer the best interest rates. She points out that sometimes direct banks like Ally sometimes can have more competitive interest rates than brick-and-mortar institutions. She ends with the reminder that in most cases, opening a savings account can be a relatively quick and painless process if you take the appropriate steps.
Are you looking to take your savings to the next level? Why do you think such a high percentage of people aren’t saving for the future?
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Thevail on May 6, 2011 at 11:40pm
Our daughter is finally grown and we can begin to see the light at the end of the tunnel. Now we're putting paying off the mortgage within a few years on project status! So we're socking away everything we can. I think that many people really just don't see where they can save money from. Once the credit card beast has you over the interest barrel.. it's hard to make your monthly minimum payments much less find money to save. And if you have payments with even a modest 15% interest (per month) accruing, saving money at 5% (per year) or so isn't really doing you any good. You're losing a huge amount of money.
Ally on May 6, 2011 at 11:45pm
Congrats on seeing the light, Thevail, and we appreciate you sharing your experience. It’s amazing what a little understanding and attention can do to fix one’s personal finances. Glad to hear that you’ve got a philosophy that you’re happy with.
David on May 7, 2011 at 9:04am
Don't run a balance on credit card accounts. Whenever you receive your statement pay it off everytime. Look for credit cards that pay you a percentage back; may look like a small amount but if you use the card daily for groceries; dinning out; gaseline, it adds up. It's nice to get an extra check each year even if it's only a few bucks. If you don't do this your throwing money away everytime you pay with a credit card. Some debit cards pay back too. Other then a car or house if you can't pay off your credit card bill each month, "don't buy it". Remember who you are and don't get carried away. Good Luck!