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Top Tips for Saving Money

Saving may seem difficult, but it doesn’t have to be. It's all about planning and keeping some of the money you have today to use at some point in the future, whether it's next week, next month or in twenty years time. Use this money saving advice to help you achieve you savings goals.

  1. Break down your savings into three areas—and this is the really easy bit—short-term, medium-term and long-term. Short-term should cover day to day needs. Medium-term can help with things like a deposit for a new car or house. Long-term is essentially retirement planning.

  2. Try to move some money every month from your checking account to a savings account. Apart from the fact that this will give you a bit of a cushion and some peace of mind that you have an emergency fund, you can also choose an account that is designed to help grow your savings.

  3. Consider this money saving advice: Not all savings are risk-free. While money you put in the bank should be safe, the same might not be true for money invested in the stock market. Bear in mind that the value of such investments can fall as well as rise, and that you may not get back the full amount of your investment. You should think carefully about how much risk you are prepared to take with your money, and only invest in risky areas if you are prepared for a potential loss, especially in the short-term.

  4. Remember that CDs offer better interest rates if you can keep your savings in deposit for a certain length of time. So, you may earn more interest if you don't touch your savings for a year. You should make sure that you can stick to these terms at the beginning since, if you try to take your money early, you may lose some or all of your interest.

  5. You should try to put money aside regularly for vacations and gifts rather than hoping you will be able to pay for these out of normal income, or worse, still have to borrow to pay for them.

  6. Before you think about medium-or long-term savings, you should build up an emergency fund that is easily accessible in a high-interest bank savings account or building society account. This will help you to take care of any unexpected large purchases.

Whatever your short-term or long-term savings goals, consider these useful tips for saving money. Whether you need to open a savings account or explore more aggressive retirement savings options, Citizens Bank can help you find the savings options to fit your unique needs.

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