CALABASAS, CALIFORNIA – School’s back in session and your savings plan should be too. Here’s a pop quiz to see how well you know your Savings Basics!
Question: What is the most important part of any savings plan?
A. Thinking ahead. Planning ahead is key in any saving situation. Just like trying to cram in a whole semester or year’s worth of information at the last minute, trying to boost your savings at the last minute will not end favorably. A savings plan will work better if you start now (http://www.bankingmyway.com/
B. Building relationships. Relationship banking can be very beneficial to consumers, offering better rates, waived fees, and other perks just for having multiple accounts at a single financial institution. Check with your financial institution to see what they have to offer.
C. Being consistent. The best way to accumulate wealth is to start saving early and continue saving consistently. Setting up automatic transfers into a savings account is one way to ensure you contribute regularly. Also, many banks will waive monthly maintenance fees with scheduled transfers.
D. Finding the best product with the highest annual percentage yield. While allocating funds is an important part of savings, finding a high-yielding saving product will magnify your savings efforts. To quickly locate the highest APY being offered by financial institutions in your area, look online (http://www.bankingmyway.com/
E. All of the Above
Answer: E. All of the Above
The key to a successful savings plan is to start early and make regular contributions to your account. To increase your savings even more, find the highest yielding accounts by checking out online rate comparison tables. By following these simple guidelines, your savings account will make the grade!
