At Rivermark our goal is to help you get the most out of your money. That’s why we’re encouraging our members to build up their savings as part of America Saves Week (Feb 23 – 28). The campaign, coordinated by America Saves and the American Savings Education Council, was formed to encourage consumers to develop sound saving habits and responsible spending habits.
Having money set aside into a savings account will provide funds for emergencies, home purchases, school tuition, vacations or even retirement. Saving money might seem like a daunting task, but there are little things you can do build up a substantial savings. We put together some simple steps to help you.
1. Set A Goal
Before starting to save set a tangible goal you’d like to reach. Having this specific goal in mind will help you to stay on track, keep you motivated and will offer you a rewarding sense of accomplishment once you reach your savings goal. You can pledge your goal for America Saves Week here.
2. Get the Most out of Your Savings
If you’re going to set money aside, you want to make sure you are getting a good rate in return. Rivermark recently launched a New Member Savings account, which you can earn 5.00% APY* on balances up to $1,000. If you’re not yet a Rivermark member, apply online to take advantage of this offer.
3. Name Your Savings
It may sound strange, but changing the name of your account from “Savings” to a specific title can help motivate you to put money into the account. Rivermark member Sarah says this step helps her save:
“I have always been one to spend a little too much! Since opening my Rewards Savings with Rivermark, I not only feel more obliged to save because of the dividends, but also because I can personalize my account name! Having an account that says "TRAVEL THE WORLD!!!" really encourages me to keep my money in my account for an experience I want and deserve!”
4. Set up Automatic Transfers
Set it and forget it! Setting up a specific amount of money to automatically transfer into your savings each month will help you stay on track building to your savings goal with minimal effort involved. What money you don’t see you probably won’t miss, but you’ll be happy to see your savings building up!
5. Speak with a Financial Counselor
A financial counselor will help you to determine how much money you could potentially be saving and how you can manage your money to save even more. They can help you put together a realistic savings plan that is both rewarding and achievable. Rivermark offers free financial services from George Beardmore to all members. Set up an appointment by calling 800.940.5009 ext 702 or emailing firstname.lastname@example.org.
For more tips on how to save, check out our Save Wisely page.
*Annual Percentage Yield. Offer subject to change without notice.