Podcast: Four of the Best Ways to Grow Your Savings Account

10/28/2016 11:30:00 AM
Podcast: Four of the Best Ways to Grow Your Savings Account

If you have a savings account or are thinking about opening one, it’s apparent that one of your biggest priorities is already saving money. And that means you’re looking for the best ways to keep that money coming in and watching your savings grow.

In this episode of the In Your Interest Podcast, we discuss four of the best ways to grow your savings account.
   

Transcript: Welcome to North Shore Bank’s In Your Interest Podcast. If you have a savings account or are thinking about opening one, it’s apparent that one of your biggest priorities is already saving money. And that means you’re looking for the best ways to keep that money coming in and watching your savings grow.

Whether you’re saving for something big like a car or down payment for a house, or you’re securing your resources in the event you need extra cash, follow these tips for the best ways to grow your savings account, and ultimately, help your financial future.
 
1. Portion your paycheck. For each paycheck you receive, allot a certain amount of it specifically for your savings account. And adding it to your savings account right away ensures that you’ll get in the full amount you set aside.
  
If you’re having trouble remembering to put the money in, or you’re fighting willpower to keep it all in your checking account, you can schedule automatic transfers to send money into your savings account.

2. Try not to transfer. It’s a good idea to keep your savings account off limits, even to yourself. Tell yourself “if you really want that new gadget or motorcycle, your savings account is unattainable”. One way to keep from transferring is to label or nickname your accounts.

These labels will remind you of your savings goals and help give you extra motivation to not withdraw from your account before that goal is attained.
 
3. Take advantage of technology. It can be expensive to hire a personal financial adviser — so just download one instead. Nowadays, there are lots of apps to help you save. North Shore Bank's Mobile Banking app allows you access your accounts, transfer money, and deposit checks remotely. Other online features, such as eAlerts, send messages to your phone letting you know how much is in your savings at the end of each month. Also, if the balance goes below a certain amount, this system will notify you.

4. Discipline yourself. The ultimate way to keep the money in your savings account growing, is not to touch it unless needed or using it for something you’ve saved for. Add to it when you can, and soon enough, you’ll see your dollars multiplying, allowing you to be able to afford what you’re setting your sights on.

And remember, we’re here to help! Visit a North Shore Bank branch or northshorebank.com today and let us help you get started down the road to savings.

Thank you for listening to this episode of North Shore Bank's In Your Interest Podcast. If you haven't already, please subscribe to the show in iTunes, Google Play Music, or your favorite podcast app. Visit northshorebank.com/podcast for more information.