Everyone knows it’s important to have money saved, and not just for big things like retirement or college tuition. Having savings is critical for economic security, debt avoidance and general quality of life.
Knowing this is one thing. Doing it, and doing it consistently for the long-term, is quite another. If you’ve never saved money before, getting started can seem daunting. However, as with many things, the idea gets less intimidating when you break it down into steps. So here are a few basic tips for building a budget and getting started saving.
Four steps to a basic budget:
Here’s a tip: Hancock Whitney offers free automatic transfers between checking and savings accounts, so you can automate savings by setting a regular transfer—like once per month, or even a weekly transfer of a smaller amount—and let savings grow automatically.
Now you’re all set to begin saving – just follow your budget! We recommend a Hancock Whitney Silver Savings account as a great way to set money aside and earn interest2 on every dollar. Plus, automatic transfers from your checking account make it easy to save!
Before you go, we suggest you take a deeper dive into budgeting and saving by checking out some Hancock Whitney's Financial Cents resources listed below. If you want, bookmark this page and return to it when you have more time to read up on these topics and more.
Budgeting and Saving Resources
Strategies and tips for creating a budget and sticking with it
Building emergency savings, and why it is important
Deciding what to spend your money on
2 For a Silver Savings account, the Annual Percentage Yield (APY) of 0.01% is effective as of 10/1/2020, in all states. Note that interest rate is variable and subject to change at the Bank’s discretion. Fees may reduce earnings on the account. $100 minimum opening deposit is required to open account. No minimum balance is required to earn interest.
³The Bank will charge a $3 transaction fee for any withdrawal in excess of three per month.
Hancock Whitney Bank, Member FDIC. Accounts subject to credit approval. Terms and conditions apply.
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