Hello and welcome to Savings 101! Whether this is your first time educating yourself on how to start saving or your ninth, we are glad you are here. Making an initiative to start saving money is a responsible and important step in your financial journey.

There are sometimes in which it might be confusing whether or not you should be saving. One of them is the scary dark word, debt. Every situation is different. If you have a low-interest rate and do not have money in your savings, have a 401k, it is recommended to start saving. It is important to have savings in case of an emergency. Bankrate recommends having 3-6 months’ worth of expenses in an emergency fund. When balancing savings and debt, the ideal is a mix of both saving money and paying off debt.

If you are new to the world of money and savings, you might be looking at the best bank to keep your money. The first decision to make is where to keep your money. Credit unions are non-profit organizations that re-invest in their customers through lower rates or fees. Bigger banks, also known as Brick-and-Mortar, have more resources such as multiple ATM’s, drive-thrus, and online banking availability. Online banks have competitive yields and minimal fees though do not have physical locations.

If you chose to use a bigger bank, Bankrate compiles the best bonuses through different banks. These sign-up bonuses can change and might have some fine print associated with it. Read the information, but also benefit from the rewards!

When you start saving, there are a few tips to help your savings account stay vibrant and accruing. Budget your money. It is easy to swipe a card or hand over a $20, though many can slip through our fingers easily. Have an emergency fund. As mentioned earlier, you never know when something may happen. Having a rainy day fund is helpful to make sure you do not drain your savings when something goes bad. Continue to add to your savings. Section part of your paycheck to go straight to savings.

As you continue your savings account, questions may arise of how much should be in your account. Again, this depends on your savings history and future. Below is a chart that provides an outline of the recommended amount of savings at a certain age:



Retirement saving goal

Emergency saving goal



$11,097 to $22,194



$13,851 to $27,702



$13,980 to $27,960



$12,705 to $25,410




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