FINANCE
Savings Account Mistakes A
aving aount an grant you fi- nancial independence. It can help
you organize your income in such a way that you set money aside for the future – and that money grows over time without any extra maintenance. Anyone making even a little bit more than they need to get by on a day-to- day basis should consider taking that money out of checking and putting it into a new savings account. But in the process of using a savings account to trealine and optiie your finan- es, you might encounter one of many common
mistakes. The following guidelines can spare you the trouble:
1. Putting too much into your savings account.
t te firt propet of aing e- tra money on top of your money, you might start throwing every extra nickel into your savings account. It’s exciting to watch your savings grow bit by bit over time, no matter how much money you make. But it can also deplete your appine and uality of life by tying up funds that you may need available for hidden expenses and those little ex- tras that seem to creep up in life. You can wind up feeling guilty about every penny that doesn’t serve a practical purpose and doesn’t go directly into your savings. This leads to the next common mistake…
2. Withdrawing too often from your savings account.
If you put too much money into your savings account, you may wind up in a position where your checking balance is extremely low, and you need to carry money over from your savings account. If this happens once in awhile, it’s natural. But if it’s happening a lot – such as beyond the terms of your sav- ings account withdrawal agreement – then you can wind up paying penal- ties. Now that seems to go against the concept of saving, doesn’t it? Keep a bit of savings in your checking account just to be safe. Just to confuse you, an- other mistake is…
3. Not depositing enough into your savings account.
any ban reuire tat you eep a minimal balance in your savings account at all times, and dipping below that bot- to line igt ot you fee or diual- ify you from other perks. Especially if you sign up for automatic withdrawals from your account and don’t manage it or check on the balance at regular inter- vals, you could wind up in a jam. But the biggest mistake of all might be…
4. Not asking about better interest rates over time. For the most part, banks are not
just going to offer you more money out of the blue. But that doesn’t mean tat you dont ualify for or deerve a hike in interest rates due to the current market as well as your ongoing his- tory and “good behavior” record with the bank. If you regularly contribute to your savings account, don’t make too many transactions and keep a high bal- ance over time, you have every right to reuet tat te ban onider raiing your rates – so ask. Source:
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80 HISPANIC NETWORK MAGAZINE Celebrating 19 Years of Diversity
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