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Being Frugal Means Saving Money
To be truly frugal you must also learn to save your money. Saving money can be done in a variety of ways.
If you are a
penny pincher, then you can certainly find some funds to save for the future.
Savings accounts are made for many different reasons. The top 5 reasons people save money are for:
1. Retirement
2.
College Funds
3. Housing
4. Vehicles
5. Vacations.
Saving money can be as simple as tossing your spare change into a jar and leaving it to accumulate. You'll be amazed by how much you can save using this method!
You will, of course, need a more solid savings plan where you can watch your hard earned money grow! Here are some of the different methods...
- CD's. These are also known as certificates of deposit. You deposit a set amount of money into a CD and agree to
leave it for a set amount of time. At the end of the agreed time you can cash the CD out and also gain interest. The
amount of time to hold in a CD varies from several months to several years. There are penalties if you cash them early.
The longer you keep the CD the higher the interest rate earned.
- Interest bearing checking account. These are good if you need access to your funds at all times, but would like for
the balance to be earning interest.
- Money Market Account. These work well if you can invest your funds for longer periods of time. Normally you can
have the advantage of writing checks from these accounts for easier access to your money.
- Savings Account. These accounts are good when you want to put smaller amounts in or to earn interest for shorter
periods of time. Because these tend to be more temporary, they have smaller interest rate earnings.
Shop around for the right place to invest your funds. Banks often compete for your business by offering different
interests and terms. Also check with your insurance company and investment firms to find even better rates.
Being frugal with your money means investing part of it into savings. Sit down and come up with a good family budget
and stick with it.
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