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Simple New Year Changes to Grow Your Savings

January 03, 2021  |  Porte Team
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Nearly four out of 10 people make financial resolutions for the New Year. If you’re looking for ways to easily save money to help you achieve your financial goals, we’ve outlined four ways to help you start saving more money.

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Live within your means

Taking an honest look at your monthly income and spending habits will help you make significant financial strides. By creating a budget and sticking to it, not only will you have peace of mind, you’ll be able to grow your savings.

If you’re looking for ways to reduce your spending consider cooking more meals at home, learning how to do simple home repairs, selling your old stuff that you don’t need or use, canceling monthly subscriptions you don’t use, or making sure your auto insurance is the lowest it can be (rates typically decrease when you turn 25 and again when you get married).

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Get a high-yield savings account

This is one of the easiest ways to get your money to work for you. The national rate for savings accounts is reported by the FDIC as 0.05% APY as of 11/30/2020. Porte’s High-Yield Savings Account3 has an APY of up to 3.00%.4 That’s over 30x the national average. There are no monthly maintenance fees, and no minimum balance required, although there is a direct deposit minimum required. Apply for your account today.

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Automate your savings

When you don’t have to think about doing something, the more likely it is to happen. Take advantage of automating your finances. You can set up automatic paycheck deductions with your employer, or set up an automatic transfer with your bank.

Banking with Porte makes it easy to see how your monthly savings contributions can grow over time. Using Porte’s Savings Calculator, simply input your starting savings balance, the APY, and your monthly contribution to discover how long it will take to meet your savings goals.

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Open a retirement account

It’s never too early to start thinking and planning for your retirement. The earlier you begin to grow a retirement account the easier it is to prepare for a sound future.

If your employer offers 401(k) plans, especially if your contributions are matched, sign up. In this program a percentage of your income will be deducted from your paycheck and placed in an investment account. Often employers will match the percentage you’re contributing.

If you’re self-employed, or if your employer doesn’t offer 401(k) plans, consider alternative long-term investment strategies for your money. If you’re not sure where to start, consult with a Certified Financial Planner, or Certified Public Accountant. They can help you figure out where to start, and determine which long-term investment strategy might be right for you and your money.

Cheers to a new year and to taking small, easy steps to help you achieve your financial goals.

Source
WalletHub 2020 Survey - https://wallethub.com/blog/financial-new-years-resolutions/9202/

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