Saving money is a great way to work on your finances and help you plan for the future. Whether you are planning for college or retirement, putting money away for a large purchase, or if you simply want the ability to cover unexpected expenses and avoid debt, saving via a First Bank savings account can help you work on those goals. Below are some tips from the FDIC that can help:
- Talk About Money: It's never too early or too late to talk with a young person about saving and managing money. Whether they are in preschool or high school, parents, guardians, and caregivers play an important role in showing a child why and how to become responsible with money.
- New Savings Options for People with Disabilities: The Achieving a Better Life Experience Act (the ABLE Act) provides many individuals with disabilities the opportunity to put money in savings accounts that can grow tax-free. Money from such accounts may be used for certain expenses, such as education, housing, transportation, and other types of supports and services.
- Take Small Steps to Start Saving: If it has been difficult to start saving, start small. Set aside a minimal amount on a regular basis to get into the habit of saving. Once you’re comfortable with saving a small amount consistently, you can increase it.
- Save Money By Protecting Your Money: Check your credit card and bank statements regularly to make sure there are no billing errors, such as duplicate charges, unauthorized charges, or charges in an incorrect amount. There are federal laws to assist consumers and limit their liability for billing errors, which ensure you don’t lose money needlessly.
- Use Your Tax Refund for Savings: The IRS allows you to divide your federal tax refund into two or three additional financial accounts. By splitting your refund, you have a convenient option for saving money. For example, you can request part of your refund go to your checking account and the remainder into your savings account.
For more tips on saving and other financial resources, visit the FDIC’s Consumer Resource Center.