There were times I used to sit back and wonder how some of the people I know are able to save money. I had a heart-to-heart conversation with my friend Sarah, a single mother of two children who works as an administrative assistant. It seemed as if Sarah had a magical wand when it came to saving money, I just could not understand it.
It turns out that it’s really no secret at all. Even if you are just “saving peanuts”, it is better than nothing. Peanut change can turn into real money! It is so easy to earn money when you have a bank account. Although you will not become rich within one week, like my grandma always said, “every penny counts”. Isn’t it the truth? Here is how to earn interest with a savings account and still have the ability to use your checking account.
I kept seeing different commercials on TV from places like Bank of America that offer special programs to help their customers earn money. For example Bank of America was advertising a “keep the change” campaign; Basically Bank of America rounds your dollar off and puts the change in a savings account. There are always commercials with banks advertising current interests with a savings account. Do you think I took interest, absolutely! Did I follow through with its? Well, let’s just say… Uhmm nope! Why? I did not think I had the ability to put money in a savings account because it seemed as if I wasn’t making enough money to start a fancy, earn interests in your savings account, type of situation. Well, I was silly. I learned that you do not have to be wealthy in order to have a savings account it earns interest. As long as I had any type of money left over all I had to do was put into a separate savings account and, BAM! money earned! Yes, it is not easy. I highly encourage you to make this one of your new financial goals this year,if I can afford it you can afford it – trust me.
Open a savings account-If you keep your entire paycheck in a checking account but doesn’t earn interest you are throwing free money out the window. Consider putting your paychecks (or other sources of income)into a savings account that earns interest. You can transfer money to your checking account when you need to withdraw money or pay bills. If you can find an interest-bearing checking account, do it!
Paying your bills – If you have the ability to pay all of your bills on the same day your bank account is best optimized when this happens.if you can call your creditors and request a specific billing date, try to pay all of your bills on the same day. Optimization may not seem do-able at first, and it will be a bit of a challenge but you will get used to the routine in due time.
Direct deposit– Easy, free, and an absolute plus when trying to optimize your bank account.
If you have just a few dollars left over after paying your bills putting that money into a savings account is going to make you feel good when you see how much interest you earned over a six-month period. Allowing extra funds to sit in a checking account is not benefiting you whatsoever, transfer! Call your bank and ask about savings account programs that earn interest and be sure to ask them if they have a checking account program that parents interest as well.
Do not be afraid to open a new bank account that offers these perks if your current bank does not. I am not telling you to pull everything out of her current bank, but if you are trying to earn an extra box you have to make a move. You can do it, shake your moneymaker… Shake what your paycheck earned you!