What the world is experiencing today is what most experts refer to as tough economic times. And as you probably have noticed, times seem to keep getting tougher. So with that in mind we’re taking a look at how to save some much needed money in 2013. Whether it’s how to open a bank account easily so you can set aside your savings, setting a more honest savings goal or realistic budgeting, it’s going to get you to that much needed vacation at the end of the year. Keep reading.
Bank Accounts – Finding the Right Match
As not all bank accounts are equal, it is essential that you do a self check so you know which account is perfect for helping you to meet your specific needs. Some basic factors to consider include: the fees charged, security for your funds, ease of deposit, ATM fees, interest rates, online banking features, branch availability and most importantly customer service. Checking out options for basic bank accounts allows you to ensure you choose the one that best supports your savings goals.
Want to Save? Be Realistic
Now that you have a bank account that is appropriate to your needs, the next thing is to adopt a decent savings plan. In this case, you apply the famous SMART rule to success which basically stands for : Specific, Measurable, Attainable, Realistic and Timeliness. First decided what you’re saving for (in other words be specific). Secondly, work out your savings plan (in other words make it measurable). Thirdly, ensure that you put in place measures for seamless saving (in other words make it attainable.) Lastly – and most importantly – stick to goals that are in tandem with your financial power and flexibility (in other words be realistic). Only when you set goals that are realistic will the task of keeping tabs on your savings attain the right track. Remember, in being realistic, you must always be prepared for unexpected changes either positive or negative.
Start Budgeting Smarter
Yet another important tool for surviving the current wave of economic hardship is a budget. A budget allows you to tally your expenses vs income so you are in a perfect position to tilt your power balance to your utmost advantage. Here we’re talking about identifying your sources of income (these may include wages, social security, pensions, child support etc) and expenses (these may include housing, food, utilities, cable TV, taxes, clothing and so forth) and then organizing your priorities. The rule of the thumb for saving big on a budget is to reduce your expenses and (if possible) maximize on income. The sooner you start budgeting for your expenses, the better for your current and future financial growth. While at it, it is important to include other items such as taxes and debts.
While there are many other banking, budgeting and saving tips out there in the world, what we’ve introduced you to in this brief article are the most crucial points that you need to take keen note of. As we sign off, we remain optimistic that you are going to have a solid and ever-blossoming financial future. All the best!
Photo Credit: Tax Credits
