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SAVINGS ACCOUNTS

Have you heard the saying "Pay yourself first"? That means whenever you get some money, the first thing you do is save some of it.

You may think you can't afford to save money, but even saving $5 or $10 a month can add up. Savings accounts are a good way to stash away some money for emergencies and unexpected expenses. If you tell yourself the savings account bill is due at the first of the month, you can get in the habit of saving without getting stressed about it. Then, if something important comes up, such as a car repair, you'll have some money available.

Keep your savings in an account where it can work for you earning interest. A savings account is harder to "break open" than a piggy bank!

Get Started Saving

No one is saying it's easy to save, but there are some less painful ways to do it.

How about putting your change at the end of every day in a designated box? Then take it to the bank at the first of the month and deposit it in your savings account. Even if you save a few dollars a week, at the end of the year, you'll be surprised at how much you accumulate. Here's a quick look at how savings can add up to not-so-small change. And you'll earn interest on top of your deposits.

Amount Saved per Week
Total at One Month
(assuming 4 weeks/month)
Total at One Year
(12 months)
$5.00 $20.00 $240.00
$7.50 $30.00 $360.00
$10.00 $40.00 $480.00
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