Consistent Investments for Consistent Savings
A consistent investment in your savings over several years can be an effective strategy to grow your personal funds. Even small additions to your savings add up over time. Taking any dividends earned or additional contributions, and adding it to your balance can help. This calculator demonstrates how to put this strategy into practice and create a great savings plan.
Whether you're planning out a full investment strategy or just trying to get started, its important to put a plan together. Before you start saving, look over any unnecessary expenses you have that could hinder your ability to save. Use tools like Track Spending within Digital Banking to pinpoint possible expenses that are causing issues.
Once you're prepared to build your savings plan, think about the different ways you can evolve your strategy. Concepts like a compound savings plan not only help you save more for the future, they help you stay focused on your goals and how to get there.
Additionally, remember to celebrate your milestones and look into other savings paths. There's a chance consistent additions to your savings may not get you to your goal fast enough. Taking advantage of accounts like certificates and money markets may help you reach your goals faster in the long run.