4 Money Saving Methods

Whether you're saving for a college education, a new home, a new car, or for that dream vacation you've always wanted, there are many different methods that you can utilize to save enough to obtain whatever it is you want.

1. Get a Savings Account
When you're saving for a short period of time or for emergency planning, savings accounts are a great asset. With this method, you have easy access to your funds. With longer-term savings plans, savings account are a bit riskier because of the temptation to withdraw a few dollars here and there from them.

If you have the self-discipline, savings accounts can be used long-term as well. They accrue a steady interest based on your average daily balance. Keep in mind that a minimum balance is often required to be maintained, and should you fail to maintain it you can be charged a penalty or have your account terminated.

2. Grab a Checking Account With Interest
Checking accounts often have higher interest than savings accounts as it's expected that the average monthly balance will be lower since money is constantly flowing in and out. These accounts are often associated with privileges such as unlimited withdrawals, free checks, and access to ATM and bill payments that can be done online. However, like savings accounts, checking accounts are even more privy to you taking money out.

3. Money Market Insured Accounts
For long-term goals, money market accounts are ideal. It offers a much higher rate of interest as compared to regular savings or checking accounts. The interest rate is generally dependent upon the amount of money in the account. The higher the balance the higher the interest.

4. Certificates of Deposit
Certificates of Deposit, also know as "CD"s is a saving method that requires you to loan your money to a finance agency for a set time frame. This time frame generally ranges from 30 days to as much as 5 years. The longer the time span, the higher interest you will earn.

Insurance companies often offer better deals on interest as compared to banks. Before settling on what to do and where you'll do it, compare rates!