Wondering how to increase money in savings account? Are you planning to save money for your retirement, for a house, for a car or for a college education funds? Let us find out how to have more money in our savings account. Saving money is one of the best money habits if you want to get rich. However, saving alone can help you increase your money faster. If saving money can make you rich, many people will get rich, too. It is because many people are saving money, but are they all rich? No!
People are looking for a good ways on how to increase savings account interest, but find it difficult to do so. As far as interests are concerned, saving money isn’t the solution to earn high interest.
Solution: The more savings, the more interest. However, your money will still depreciate value because of inflation. Try investing money, instead of saving money!
If you want to increase you money in your savings account, you should decide now how much money you really want to have on it.
- Keep making deposits every month.
- Increase your savings by increasing the money you put in your account.
- Do not withdraw your money in your account.
1. Making Deposits Consistently
The chance of making your savings account fat is very high if you will consistently making deposits. Do not skip even a month. If you can make deposits every week, it’s good.
2. Increase the Amount of Money You Save
Example, if you are saving $50 a month, try to double your savings. Make it at least $100 or more. That way, you will be surprise how much money you have saved in one year.
3. Do Not Withdraw Your Savings
Can you withdraw money from savings account at ATM? Yes, that’s why it is recommended to open a savings account without ATM. Also, if you don’t want to touch your savings, you better have a separate savings account exclusively use as your emergency funds.
Tips and Warnings
Saving money alone can’t help you accumulate wealth faster. Taking money out of savings account is a good idea if the money will use to buy more assets! Invest your money by buying company stock, mutual fund shares or even by simply buying an investment property. Don’t ask anyone about the average money in savings account by age. Instead, ask a Certified Financial Planner about your retirement target earning asset. Ask a CFP, how much money you should have when you retire? I think that’s the right question you should ask.
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