savings

5 steps to boost your savings account

Set your saving goals
Set your saving goals © Ivelin Radkov/Shutterstock.com

You can't get somewhere if you don't know where you're going. "Set a goal," Constantine says. "The feeling of saving toward something can feel very motivating."

However, your savings goal does not have to be huge. Constantine compares taking the first steps of a savings plan to beginning an exercise program.

"You're not going to immediately wake up every morning at 5 a.m. and run 5 miles," Constantine says. "Find a realistic amount that you can easily adjust into your budgeting pattern, and then increase that amount over time."

Constantine says the initial amount can be as small as an automated $1 daily transfer from a checking account into a savings account.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Ask Dr. Don

When to hold, sell savings bonds?

Dear Dr. Don, I own some Series EE savings bonds purchased in 1994. Should I cash these in or save them? And when do they mature? Thanks. -- Linda Longbond Dear Linda, Wow! You purchased these more than 20 years ago... Read more

advertisement
Partner Center
advertisement

Connect with us