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A Piggy Bank, Pens, And Calculator On Top Of A Notebook On A Desk Containing Advice On Saving Money.

Enhance Your Personal Savings With These Tips

When most people think of saving money, they think of retirement planning. However, having savings can help you if you fall on hard times, like the loss of a job, or meet a personal goal like buying a new car. While it can be overwhelming to start saving money, you can do so easily in many ways. The personal bankers at Citizens Bank are here to provide expert advice on saving money, including investing options.  

How to Save Money in Tennessee

Many people find saving money challenging, but thankfully, there are easy ways to take this vital step in planning for your future. Below are some tips for saving money.  

1. Create a Budget

A budget helps you see where your money goes each month. This, in turn, helps you improve your spending and saving habits. If you notice that you spend too much on non-essential items, you can reduce spending in that area, resulting in savings. You can even create a budget for specific events, like a vacation. 

2. Open a Savings Account

A savings account can be a great place to put your money to avoid the temptation of spending it while still having access to it as needed. It can also grow your savings, as the money in it collects some interest. A personal banker, like those at Citizens Bank, can help you open and maintain a savings account.

3. Invest

While a savings account can be a useful savings tool, using investment vehicles helps you grow your savings in various ways. Popular investment tools include:

  • Money Markets – A type of mutual fund that invests in shorter-term, higher-quality securities while offering flexible access to your money.
  • Certificates of Deposit (CDs) – CDs are available in a variety of interest rates and maturity options to meet your goals, including:
    • Three months for shorter-term savings
    • 6 to 18-month medium-term options
    • 24 months or more for longer-term goals
  • Individual Retirement Accounts (IRAs) – IRAs are tax-advantaged savings tools that can be tailored to meet your needs. Popular options include:
    • Traditional IRAs – Can reduce or delay taxes based on potential growth as they allow for tax-deductible contributions.
    • Roth IRAs – Offer tax-free earnings and withdrawals due to contributions being made with after-tax dollars.

A personal banker, like those at Citizens Bank, can help you determine the best investment tools for your savings needs. Contact us today to explore your options. 

4. Get the Family Involved

It’s never too early to start talking about money with your children. From an early age, involve them in creating budgets and other relevant conversations. You could even open a savings account for them as a way to teach them about saving money while giving them a head start on their own savings.

How Much Money Should I Save?

While it is recommended that most people save 15% of their pre-tax income, the amount of money one should save varies depending on their income, lifestyle, personal goals, and other needs. To help you determine how much you should save and how various savings tools can help you reach your goals, Citizens Bank has designed special calculators. 

You can determine how much you need to save by inputting your information into these tools. This, in turn, will help you achieve your savings goals while making more informed decisions about your money. This information can also help you have conversations with your personal banker or financial advisor about your current financial situation. 

Save Money in Tennessee at Citizens Bank

Saving money can be daunting, but it doesn’t have to be. Fortunately, the personal bankers at Citizens Bank are here to help you explore your savings options. We can help you meet your savings goals. To get started, contact us online, call us at (615) 327-9787, or visit one of our branches in Nashville or Memphis.

Explore Your Savings Options at Citizens Bank in Tennessee 

Start saving money today with Citizens Bank. We can help you open a savings account or find the right investment tool to meet your needs. To explore your options, contact us online, call us at (615) 327-9787, or visit one of our branches in Nashville or Memphis today. 

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