How to Get Hold of Your Savings Easier

Trying to get a hold on your savings accounts can be a real pain. If you didn’t look at the fine print when you signed up, you might find that you’re very limited on when you can withdraw funds from your account. That type of limitation being put on your money is beyond frustrating. If you have an emergency that pops up, you don’t want to be told how you can spend your money. You want to be able to tap into those funds and make sure that you’re able to take care of everything that really matters to you.

So, what would be a better approach to this classic problem? Well, you will want to think about fighting out how to get an easy access savings account. They are pretty easy to open, and you can deposit money in them at will. Many personal finance guides suggest that you will want to make sure that you have a few months of savings in the bank just in case bad times come your way. By being able to move your money around your accounts freely, you can always make sure that you’re protected.

Get an easy access savings account when you really want to have the maximum flexibility possible when it comes to your savings. Sure, you’re going to want to keep your withdrawals to a minimum if you’re thinking about an emergency fund. That’s because you want your money to grow without being interrupted by your withdrawals. You will also want to remember to replenish the account before too long. If you constantly just pull money out without putting more money back in, you will not grow your finances either. It’s going to be up to you to make sure that you figure out which direction you go from here.

Some people find that having both an individual easy access savings account and a joint tends to keep things separate. There’s nothing that says that you can’t pull this off. If it’s going to be a joint account, you will definitely want to make sure that you’re talking to your spouse about the entire process as well.

In short, if you want to get hold of your savings easier, the best thing that you can do for yourself is to get an easy access savings account. Check it out today!

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So How Much Are We Supposed to Save, Anyway – The Hard Numbers and Figures you need To Stay on Track

We owe you an apology, readers. See, we’ve been pushing this theme of save, save, save, but doing it in a way that’s still left you with questions. If there’s one thing that we don’t like doing, it’s leaving you with questions. It’s making you feel that there’s just no way that you’re ever going to get out of the situation that you’re in. We’re not fans of this technique at all, because that’s what a lot of finance sites do. They refer to some vague principles and expect you to fill in the dots. Now, we can understand why you wouldn’t want to make everything specific. You see, personal finance is what you make of it, and there are so many different points and notes that affect people differently. Everyone’s financial situation is different, which means that you’re really going to need to make sure that you keep everything in perspective. There’s nothing wrong with reading finance guides — in fact it’s actually the best thing that you can do for yourself. However, you will still need to take everything and adapt it to your own needs. That’s really the best way to go if  you ask us.

So, back to the question at hand — just how much are you supposed to save anyway? If you’re hungry to build an emergency fund that you can count on, this is an important question. We want to strike a balance between the type of life we want to live and the type of life we want to live for the future. Saving helps you build the type of life that you want to live in the future, but what about the present? If you don’t spend at least a little bit of your money, you’re always going to feel deprived.

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So let’s say that you have a take-home pay of $3,500 dollars a month. You want to immediately set aside your savings. If you are trying to go for 50% essentials, 30% wants and 20% savings, this would break down to $1,750 going towards bills and debts, $1,050 going towards your wants (like entertainment and clothes, etc), and then $700 going to your savings. This isn’t a bad deal at all — that actually gives you $8,400 a year in savings alone. If you put that even into a regular savings account that carried just a 1.1% APY, you would have $43,901 in 5 years. And that’s just doing the same thing month after month — withdrawing your money and putting it in the savings account. IT doesn’t require you to be a financial whiz kid or anything like that.

Now, you may have to adjust your percentages base don the type of financial situation you’re currently in. If you’re the type of person that is carrying a lot of debt, your “needs” column might be 60%, not 50%. This would naturally change your savings and the amount of money that you would have left over for fun stuff.

Speaking of fun stuff, if you really want to pay your debt down faster, you might have to be a social monk for a little while. This is where people start hating on the personal finance bloggers, but we kind of have a point across the board — life can be fun now or fun later. Most people choose “fun now”, not realizing that fun later would actually be a better option all things considered.

What’s more important than percentages is consistency. It’s not enough to just throw money into the bank account and then stop — you’re going to want to do this month after month, year after year until you have a nest egg that you can be proud of. Sure, it might mean that you don’t get your hair done as much and you might be hitting the used clothing shop rather than Macy’s, but you’ll thank yourself later when you have the down payment for a home, or something that’s equally important to you. Now is the time to make change happen in your life — are you ready to step up?

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The Smart Guide to Savings

Unsure of where to put your savings during the economic crisis? The crash in interest rates has left many of us at a loss as to what to do with that rainy day fund that we worked so hard to build. The usual options – tax free instant access ISAs and fixed term savings accounts  – have all let us down of late, leaving us with some serious creative thinking to do about how to make the most of our hard-earned cash.

Though the situation may seem irremediable at first glance, there are options available. Do not be tempted to leave your money where it is – most likely earning next to nothing in terms of interest – when you could be exploring a number of other options that have recently begun to increase in popularity.

One such possibility is the Corporate Bond. Corporate Bonds are available from a number of banks and building societies and offer a modern twist on the fixed term savings account. The basic premise of a Corporate Bond is that instead of placing your money in the hands of your bank or building society – which is essentially what you do, of course, whenever you open any kind of account – you place it with a range of companies and trust them to invest it for you. Your money is still subject to a fixed rate of interest. (Note: this does not translate as fixed income.) Take a look at the Legal & General website for further information on corporate bonds.

As Britain slowly begins to emerge from the financial crisis a number of improved savings accounts are starting to appear from a variety of banks and building societies. The only way to keep costs as low as possible in order to give you a better interest rate is to operate these accounts online, incurring minimal handling and maintenance expenses. Instead of investigating your local branch for options, look to their website. You might find that there is an e-savings account available to open online in conjunction with your current account which will offer you a better rate than you would find elsewhere. You will also benefit from the flexibility afforded by online banking.

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On toward better spending habits

Who doesn’t want money? Everybody could use some extra cash, especially so if you are retiring. However, not many people are able to get it. Most people, fail to save up enough for their retirement owing to bad spending habits.

You cannot build your retirement fund in a day or two. It will require time but you can speed up the process a little bit by bettering your spending habits. Nevertheless, it is possible to change your lifestyle so that you can develop better spending habits.

First, avoid spending a lot of time simply sitting in front of your television. Not only is it bad for your circulation, it steals away the time that you could have otherwise spent with your family. If you happen to like reading, then you should frequent your local public library as often as you can. You do not need to purchase any books from any store. If you be patient then you will see that your library has acquired the book that you wanted to read so much.

People tend to spend a lot after their addictions. Hence, if you happen to smoke then you can begin to reduce the amount of cigarettes that you smoke every day. You might not be able to give up smoking suddenly. However, with time, you might be able to even that. Thus, you will save not only that extra money you spent every month on cigarettes, but you will also save your health and hence the medical bills.

If you work somewhere not too far from your home then you can ride a bike to work or even walk to work if that is possible. It will help you boost your overall health while also doing good to their environment as well as your pocket.

Avoid eating out too frequently. Eat at home. You can try out different recipes while saving money simultaneously. Moreover, you will get to spend quality time with your family and you will also learn to improve your cooking.

Several people drop in a coffee joint on their way to work and spend a few bucks on coffee every day. Now, if you sum it up for a month, it can be quite a lot. Therefore, it is better to take your coffee from home. You can use a thermos to keep it hot.

Avoid using your car as far as possible. Take a walk instead of your car. Saving on parking fees and gas can be quite a big save.

These are just a few of the changes that you can make to your lifestyle to see more money saved as well as more health improved.

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