5 Easy Ways to Grow Your Personal Savings Account

If you're able to set a few dollars aside every month to save money, that's ALWAYS a good thing. Our bank at the Lake of the Ozarks is here to give you not one, not two, but FIVE easy ways to grow your personal savings account in this week's blog. Sometimes, this can seem like the hardest thing in the world to do, but by just making a few simple changes in your life, you could be growing your savings account quicker than you realize. For information on the savings accounts at the Lake of the Ozarks that we at First Bank of the Lake provide, please give us a call. We can be reached at our bank in Osage Beach at 573-348-2265. Remember, we put YOU first.

5 Easy Ways to Grow Your Personal Savings Account

1. Set up auto transfers when you get paid. 
This is probably one of the EASIEST things you can do to grow your savings quickly. This way, you don't even have to think about it, set up an auto transfer with to take place once a month or even once every two weeks if you prefer. You can change the amount later on if you need to, but just having money transferred to your savings from your checking automatically on a regular basis, no matter the amount, can do a world of good! Every little bit helps.

2. Always put a set amount or percentage aside. 
Some companies who employ workers use direct deposit and at times, you can set up your direct deposit to go to two different accounts versus just your checking. For example, let's say you would like to have 80% of your paycheck to go to your checking and 20% of your paycheck to go to your savings every time you get paid. Some companies allow you to do that. It doesn't hurt to ask your HR department about it.

3. Avoid pulling from your savings account.
We get it. There are temptations everywhere that may cause you to want to make an unnecessary impulse buy and in order to do so, you would need to pull from your savings. Resist! Ask yourself, is this purchase really worth it, and do I absolutely have to have this item?

4. Put any extra money you receive in savings (bonuses, birthday money, money from selling items).
You may be surprised how quickly this extra money can add up. In addition to the examples we have listed above, some of you may not have received your tax refunds yet. If you can comfortably do so, put that money away in your savings too. You'll likely be happy you did if an emergency strikes and you need to dip into your savings, for example, your air conditioner breaks down in the middle of summer.

5. Cut unnecessary expenses from your budget.
Unnecessary expenses may include stopping by the coffee shop every week for coffee when you can make it at home, ordering food to go every week from a restaurant when you can save by cooking more, or paying for extra TV channels each month when you can do without. Ask yourself what's more important, putting this money aside for emergencies or enjoying these small conveniences now?

Grow Your Personal Savings Account Today With First Bank of the Lake!

We want you to be able to feel financially sound and clearly one of the best ways to do that is to have a good amount of savings, in the case of a financial emergency. Here at First Bank of the Lake, we have an abundance of savings account products to meet your financial needs. For more information on those products, please visit our website at www.FirstBankLake.com and select the savings tab. If you have any questions about what you see, please do not hesitate to give us a call today at the number listed below. You can also stay up to date on our latest products by following us on our social media platform listed below.

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Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100

Osage Beach, MO 65065

(573) 348-2265