Just Graduated and Starting Out

Just graduated and starting out bloggers examine life after school. Read along as they manage their debt and expenses, while trying to make a living.

Utilize your Savings Account

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A few years ago, my bank offered me a free savings account.  I immediately took advantage of the offer, because most savings accounts come with a fee unless you maintain a minimum account balance. 

Free or not, a savings account is a good thing to have, since its sole purpose is to save money. 

Even though I'm not required to keep a minimum balance in my account, I try to keep at least $300 in the account at all times.  Whenever I have some extra money in my checking account - even if it's only $5 - I add it to my savings.  Having a balance also helps me gain interest.  My savings account helps me feel more secure with my finances, because I know that if there's an emergency I have a nest egg to dip into. 

Recently, my fiancée and I opened a joint savings account.  Over the next two years, we hope to have enough money saved to have a wonderful wedding.  The joint account requires us to keep a minimum balance of $250, which is fine because we don't plan to start spending the money for at least a year.  We both add $20 to the account from our paychecks.  And, whenever we have some extra money - even if it's $.50 - we add it to the account.  We want to save as much money and interest as we can, so that when the time comes to pay for wedding-related items, we won't feel as stressed.

Many people frown at savings accounts, because of the fee, but it truly is a good thing to have.  If you don't have a savings account, do some research to find out your bank's requirements - they very well could offer you a free account if you've been a long-time customer.  Some banks even offer deals for college students and grads. 

If you have a savings account - utilize it.  You have the account, so force yourself to put money in it.  You may even want to set a goal for yourself.  Start by setting a monthly goal of $10.  Then, create a yearly goal of $100.  You'd be amazed at how easy it adds up. 

What are some ways you save?  Do you have a savings account?  How do you utilize your savings account?  Please, share with us! 

If you want more money-saving tips, check out all of the, Life Stages Blogs, at www.careonecredit.com.

  • There are numerous ways to save money, such as a using a savings account, joining a credit union, stuffing money under a mattress, burying a box of cash in the backyard, or saving change.

  • With the Thanksgiving holiday around the corner, it's important to remember to be thankful for all of the good in our lives - especially those who have helped us through tough times.

  • To prepare for these upcoming seasonal events, it's a good idea to look at our budgets and clean them up before the spending spree begins.

  • It may seem crazy, but the holidays are almost here and it's a good time to start making your gift list. Since I've gotten older, I believe that having a plan for your finances and being prepared is the best way to stay ahead of the financial crunch.

  • I would really like to 'grow' our savings.  We've been retired for about 9 months now and we're working on the house....I would like to budget for the savings account but also set aside some money after bills to use in our 'remodel'.  How do I do that without opening another savings account for just that purpose?  Being retired is fun but all the money comes in between the last week in the month and the first of the month.  It makes the month seem really long.  Any suggestions???????

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