Summer Savings = Fun in the Sun

Life by admin

Ahhh VACATION! Those are the words that echo in my head over and over again as I finish my last bit of work, finish packing my suitcase, aboard the plane and finally land at my vacation destination!

My best friend and I have a love for traveling and experiencing the world’s cultures. We have made it our goal to take at least one vacation a year, and rightly so, we’re young, hard working women with demanding 9 to 5’s. We, like so many other hard working people need a break and a change of scenery from time to time.

However, in order to take a real vacation I, we, and you need to plan and save for it! How can you do that? Simply put open a SAVINGS account!

The Benefits of Saving Accounts:

  1. Whether you’re saving for a summer vacation or a rainy day a savings account offers financial security for both short term (vacation) and long term (retirement…a permanent vacation in Florida) goals.
  2. Some financial institutions offer savings accounts as a FREE “companion” to a checking account.
  3.  Low or NO minimum balance requirement.
  4. Services that will allow money to be transferred from checking to savings on a weekly, bi-weekly and monthly basis. If you can commit a few dollars from each pay period your savings is sure to grow quickly.
  5. Some financial institutions offer “Club” or “Holiday” Savings accounts that are specifically used to save money with withdrawal restrictions that help discipline the saver. These accounts usually allow customers to save money for a number of months then the entire balance is disbursed to the customer by check or transferred to an existing checking account for use.
  6. Best of all savings accounts are INTEREST bearing. While you save money you earn interest that is usually compounded on a monthly basis. That means more money for you!

Go ahead and visit your local bank or shop around to find the best savings account for you. That way you can start saving for that new swimsuit, vacation wardrobe, rental car, train or plane ticket to just GET AWAY and have FUN IN THE SUN!

~Tiana Livingston, Financial Consultant