EZ Saver Accounts Are a Must For The Money Saving Mom
29 July 2010 by admin
Categories: Personal Finance
EZ Saver Accounts Are a Must For The Money Saving Mom
Today, perhaps more than ever before, mothers are covering budget challenges that force them to be creative, thrifty, and wise. The fact is that most people are living on a tight budget these days, and crossways the nation mothers are struggling to make ends meet. This is especially true for single moms. Fortunately, some credit unions and other financial institutions have realized this burden and they have stepped up to help out. Many now offer ez saver accounts that can swiftly add up to great savings.
While the process does not happen overnight, the savings do accumulate much faster than with other types of savings accounts. In fact, apiece time money is spent using the debit card provided with these accounts, the transaction is automatically rounded up to the next whole dollar amount, which is transferred regular to an interest-bearing easy saver account.
This is an obvious way to build money into a savings account, without missing the small amount that is rounded up. However, the savings do not stop there; these accounts also wage the advantage of a deposit of 5 percent of the regular round-up amount to the ezsaver statement at the end of apiece month.
Most money experts concur that saving money is important, but, even so, it is also important to enjoy life while saving money. Therefore, ideally money should be saved in a way that has tiny impact on one’s lifestyle. Automatic transfers are another way of building or adding to a savings statement without having to give up small luxuries or change one’s lifestyle. This method of saving grants the client to be in control of the amount that is transferred and how often it is transferred. While some people like weekly transfers, others might like monthly transfers.
By having a small amount of money automatically transferred into your savings statement on a regular basis, your statement will grow at a surprisingly fast rate. Savings accounts are perfect backups for emergencies, holidays, vacations, or simply for the things you want. The interest rates on savings accounts vary, so always check around to ensure that you are getting the ideal rate available.
Joan Waters is a retired financial adviser who writes a blog for moms. Her advice is always to save money whenever possible, in whatever amount one can manage. When Waters discovered the easysaver accounts she was delighted and wanted to share the information with her readers. According to her, these accounts are one of the simplest ways to grow money without any effort at all. Waters states the process is as easy as signing up for the account, using the ezsaver debit card, and the institution will take care of rounding up the purchases, which will be added to the savings account. It’s a easy system that will build a savings swiftly because we have all become dependent on our debit cards.
