Now more then ever it is important to find better ways of saving today
so that we can better prepare for the future. There are many ways to
save money such as stock options, CDs, savings accounts and such. But
what are some of the best ways to truly grow our money when everything
that is seen on the news proves that we are in an economic down turn?
Well the answers to those questions began and end with you. What do you
hope to accomplish? Are you looking to make a major purchase or saving
for a down payment on a new home? These are just some of the basic
questions you will need to ask yourself when wanting to save and grow
your money.
For the fastest amount of return for the least amount of time and risk
a money market account is best. These accounts do require a higher
minimum deposit in general of about $1000 to $5000. They can be opened
through your local bank or even online. Money market accounts interest
rates are higher then your standard savings account at the local bank.
These accounts are insured by the federal government so you can rest
assured that your money is safe. Because the rate of interest is higher
there are certain rules that apply. Such as most accounts only allow up
to 3 checks be written per month and require an average daily balance
be kept. Money market accounts are great for if you want to set up an
emergency fund or if you have decided there is a purchase you are
looking to acquire within 1 to 5 years.
Savings can be made even with a basic checking account. There are many
that have no fees or hidden minimums each month. Most checking accounts
have free online billing which you can set up online bill pay. This way
for you to save on the expense of mailing in bill payments and assuring
that your creditors are paid on time. This also helps to cut down on
late fees and you can see where your money is going each month. There
are many ways to save each month you only need to become proactive and
make a plan of how you want your money to be spent.
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