Ask any millionaire about the importance of savings and you'll learn it's the number one place to start creating wealth. Here are some tips on how you can start. If you make savings part of your life now, the easier it will be to save all of your life.
Every time you get money, save part of it.
Saving regularly is the number one secret to building wealth. Make saving a lifetime habit. If you always save at least 10% of your money, you'll always have money left over that can work for you.
If you have a checking account, you can make saving easier if you sign up for automatic withdrawal. Just tell us the date that works best for you, and every month we'll transfer money from your checking account into your savings.
Know why you're saving. Set some goals.
If you have something you want to buy but can't afford it now, you can save for it. Having a goal, like buying a new game or a new outfit helps you put money aside. But always remember tip #1, and leave part of your money in your savings account so it can continue working for you.
Make your money work for you.
You can save in a piggy bank, but that won't earn you interest. Open a Share Savings account at Greylock and you'll earn interest on all the money you save.
Enjoy the benefits of Youth Share Savings - a Greylock savings account offered only to members under the age of 18 to help you earn more on savings and to help teach the value of saving. These accounts automatically earn higher rates on the first $500 deposited.
Spend wisely. We know you can do it.
A top secret to saving is knowing how to spend. Choose what you buy carefully. Do comparison shopping to get the best price. Buy quality items that will last. And learn how to make a budget.
Good practices for budget-minded people
Control your spending. Think ahead.
If you have money in your pocket, it's easier to spend. Budget the amount of money you carry with you every week for spending and put the rest in your savings account for safe keeping.