RICHMOND, Va. (WWBT) - The pandemic has many people relying on their savings accounts to get through, which makes it more important than ever to keep adding to a savings account.
It’s been hard to save money for many, but committing to a few new steps can at least start the habit of paying yourself first, so there’s money down the road.
The first thing you should look: cutting unnecessary costs. Our partners at the financial website Nerdwallet suggest starting with the bare essentials like your mortgage, utilities and food.
Maybe your creditor can offer some relief. You can lower the thermostat a degree or two. Start shopping sales and use coupons at the grocery store.
Build your money quicker finding the highest savings rate. The national average is .06 percent but many online savings accounts offer a 1 percent annual percentage yield.
If you’re in financial hardship, try calling 211 or visit 211.org. They have a list of resources including food banks and senior and student meals.
Accepting help like this will help your bottom line.
If you need to pull money out of savings, have a plan to replace what you take out. And be careful about making multiple withdrawals. Banks can charge excessive fees for too many withdrawals in a given period of time.
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