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There it is again. That little voice in the back of your mind telling you that you need to be saving money, no matter how hard it might be. We all know that we have to save if we ever plan to retire and we know the importance of saving for emergencies. The challenge comes when it’s time to actually save.  So how do we do it? How can we develop a savings strategy that we can maintain?

Many people don’t save because their focus is on the amount they need to save or should save. Instead, put the focus on what you can save. The first thing you need to tell yourself is that no amount is too small. So many people get overwhelmed with the thought of saving because they think the amount they would be able to save isn’t even worth saving. This couldn’t be further from the truth! No matter how much you’re able to save, you’re always better off having something saved rather than nothing, and you might be surprised how quickly it can add up.

Having the discipline to save is a challenge for many people, but there are ways to tackle that one. Have you ever thought about having automatic deposits made into a savings account from your paycheck? You can save money without having to even think about it. Now, if you’re nervous about setting up a deduction from your pay that you might not be able to afford, start small. Start very small if you need to. You can always increase it later down the road. The same thing goes for the opposite. If you set up an amount and you find it’s too high, you can always lower it. You have control over how much you save. Once you figure out how much you can afford to “miss” each pay, set it up and let the magic happen.

If you can, try to find an interest bearing savings account. This way, not only are you saving money from your paychecks, you’re also earning interest! The rate of interest you’re able to earn depends on the type of account you have and the rates at your bank. Citizens Savings Bank has several interest-bearing savings accounts to choose from.

Depending on what type of checking account you have, you might be able to save even more. At Citizens Savings Bank, our free Kasasa Cash Back Checking account rewards customers for doing simple activities like signing up for eStatements and using their debit card. Those rewards can be automatically deposited into a free Kasasa Saver account, where they earn interest. So, you have a savings account that earns interest (free money) and your checking account rewards you each month (more free money) by depositing even more into your savings…to earn interest. You don’t have to be the wolf of wall street to pull off these clever money-making moves.

If you’re looking for a way to earn a little bit more interest, there are alternatives to traditional savings accounts, like money market accounts. A money market account is similar to a savings account, but they typically earn a higher interest rate. Most banks will allow you to write a certain number of checks each month from your money market account. For some people a money market account is the next savings step after setting up a savings account and saving for a while.  It makes sense. Take the money you’ve been able to save and invest it into an account that pays even more interest.

Now, are you ready to really commit to saving? Another option for saving is a certificate of deposit, or CD. Generally, CDs earn a higher interest rate than money markets but there is one big difference. A CD requires you to commit to leaving your money untouched for a set amount of time. The idea is to save, so you’re discouraged from taking money out. Your money isn’t held hostage, you can always get it, but most banks will charge an early withdrawal fee if it’s before your term is over. There are many different terms you can choose from ranging from 91 days to 72 months, so you have that flexibility. Obviously, the longer you choose to leave your money alone, the more interest you earn.

You see, there are lots of ways to start small and grow. Saving money doesn’t have to be scary or intimidating. Once you start to save and grow your money wisely, you’ll begin to develop a savings mentality. If you need help getting any of these types of accounts set up, all you need to do is speak to your bank. Maybe you have more specific questions or you can’t decide between two types of accounts. Someone is always ready to help you at any of our branch locations or by calling us. A good bank will help guide you and help you make the best decisions for your unique financial situation.  If you’re looking for a bank to help begin your savings journey, we’d love to hear from you.

Learn More

Citizens Savings Bank has multiple locations throughout Lackawanna, Wayne, and Monroe Counties. For branch locations and hours, visit our website. We also have a Customer Support Team ready to answer any questions you may have. Call us today at 1-800-692-6279 or email [email protected]. Member FDIC.