You’ve probably heard the adage that the best way to save money is to “pay yourself first”. Many of us have headed down the road to good intention by vowing to put “x % of my paycheck into my savings account each pay period”, only to find that the vow was eaten up by an irresistible sale or the latest movie.
Successful savers know that the key to building a nest egg is to save regular amounts (no matter how small), regularly. And a good way to do that is to make sure that the money you designate for savings never makes it to your wallet. That’s where savings clubs come in.
A savings club account helps you accumulate funds for special events or purchases by setting aside money on a regular basis during the year. You can make deposits into your account with a check or money order, payroll allotment or direct deposit. It’s the perfect way to save for future purchases like vacations or a home down payment, or you can use your club account to start building a rainy day fund. As an added bonus, many savings club accounts are also interest bearing, so you’ll get an extra reward for your diligence.
