Other Saving Money Tips

It’s worth repeating because it’s a critical step towards saving money. Budget, budget, budget. Please see smart ways to save money.

Take advantage of free checking and savings accounts.

Avoid bank fees. Ask the bank if there are any fees associated with your savings account or CD. Some savings accounts have no minimum balance fees while other do. We generally stay away from accounts with fees unless it’s a very small minimum balance requirement.

Know how much interest you’re actually earning on your savings. There is a difference between APR (annual percentage rate) and APY (annual percentage yield).

The difference is the compounding; which is how often interest builds up against your savings balance. APR doesn’t take compounding into consideration, while APY does.

So, the true interest rate you’ll earn will be the APY, which is what you want to base your savings decision on. So, you should always compare APY to APY.

Tips On Saving Money – Summary

When it comes to family money management, we’re happy to have shared these tips on saving money with you. We’ve found that saving money is not only important but also fun.

We’re confident you’ll benefit from these tips as we have.

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