Photo: 401(K) 2012
There’s no denying that the internet has drastically changed how we live our lives.
These days we have access to vast amounts of information and countless services that make things easier and more efficient. That definitely applies to how we save money for our various financial goals.
No longer are we stuffing money under the mattress or in a jar in the cupboard. Instead most of our money just exists digitally where we can move it from account to account with the click of a mouse. It’s no longer limited to regular banking hours. You no longer have to wait days or weeks for payments or transfers to clear.
Opening Accounts Online
Rather than wasting time going into the bank and waiting in line, it is now easier than ever to open a savings account online. You can open up a new account through various online banks. Or if you have internet banking with your current bank, you can usually open an account directly through your online banking website.
This way you can also take your time to properly read the features of the account you are applying for. You won’t be pressured into signing up for the specific account that gets the teller the biggest bonus. It’s better to read the fine print before applying rather than later finding out all of the downsides.
Comparing Savings Options
While looking into the account details, you can easily compare that account to the other types of accounts your bank offers, as well as the accounts offered by other banks. You can be sure your bank teller won’t show you details of their competitor’s accounts.
Do a bit of research and you should even be able to find websites that provide a side by side comparison. This will make it easy to see who offers the lowest fees, highest interests rates and best extra features. Don’t settle for a sub-par savings account.
Getting Free Savings Advice
Not only does the internet make it easy to open an account and compare offers, but is also an incredible source for savings tips and advice. Finance blogs provide some personal advice about what has worked well for them or what they have learned from others. Commercial websites often have helpful articles straight from professionals. Or you can even find a free financial advisor to give tips based on your own situation.
From this advice you’ll find that saving money isn’t just about finding the best account. There are all kinds of strategies you can use that make it easier to stay motivated or find more money in your budget to put towards saving. If you’re willing to get a little frugal or entrepreneurial, there is no limit to how much money you can save.
These days you don’t want to just rely on your current bank to give you the best savings account. The smart savers shop around to find the best account. They also don’t just assume their own savings strategies are ideal. Instead take the time to learn from other people’s experiences.
Even if you open your savings account online, don’t forget about the power of personal service. There are times when talking to a bank teller in person or on the phone can result in an even better deal. You might be able to get fees waived or get a better interest rate. If you ask, the worst that can happen is them saying no.
How have you used the internet to make saving money easier?