Why Saving Money Shouldn’t Be Your Only Goal
We all know having a healthy savings account matters. With some savings socked away you’ll feel better prepared to handle whatever comes, but growing those savings isn’t always easy.
If you’ve been saving up but still feel like your account isn’t growing like it should, maybe you should look at your goals. If you don’t know what you’re saving for, the money you put away just becomes ‘money in a different account,’ says Emily Guy Birken at Wisebread.
And if we don’t care why we’re saving, we probably won’t remain enthusiastic about it for long. Getting specific can help.
To keep your savings on track, you could create a goal and a timeline for reaching that goal. Say, for example, “In a year I’ll have three percent down for a house.” Still need motivation? Most banks will let you name your savings account. Title yours after your goal—House, New Car, Lifetime of Coachella Tickets, or what have you—so you see right where that money is going.
Wondering what else might be slowing your savings? Check out the rest of “4 Easy-to-Fix Reasons Your Savings Account Isn’t Growing” at Wisebread.