By Celeste Lohrenz
We all know we should be saving money. From the time we got our first summer jobs during high school, our parent’s almost certainly tried to convince us to put most of it in the bank. Even though we know we should be saving, most of us probably didn’t do it as well then, and probably aren’t doing it as well as we should or would like to now.
Almost 60% of Americans have less than $6,000 saved (42% have less than $1,000). Only 14% of people under 54 see retirement savings as a priority, even though we should be saving 10-17% of our income in order to retire at our current standard of living – that’s if we start saving at the age of 25.
Without a plan for saving consistently, it’s hard to cover any larger expenses, including emergencies, college tuition, weddings, a new home, vacation, and many other things. It’s important to start saving early for all of these things so that when they happen, you’re prepared.
One of the best things you can do is automate your savings. For your retirement account, you can have contributions deducted from your paycheck and deposited into your account. For other saving needs, have you considered Plinqit?
Plinqit is a digital savings tool offered by The Milford Bank and HT Mobile Apps to make saving easier and more fun. You simply set up your Plinqit account and define specific savings goals. You can even set up five different goals, so you can track progress towards each individual target separately. Your Plinqit account is connected to your checking account, so once the saving goal is set up, you don’t have to do anything other than watch it grow.
In addition, you can earn small bonuses by watching videos or reading articles designed to help increase your financial education, so you you’ll learn more about money while earning, too. You can also earn bonuses by reaching your savings goals and referring others to use Plinqit.
Plinqit is free to use, and you can download a mobile app to your Apple or Android device to manage your account easily.
Most importantly, though, using an automated tool can help you save more effectively without having to remember to add to a separate account manually. Once you set it up, it just happens and your vacation, emergency, or other savings will grow.
If you have questions about Plinqit, savings accounts, or any other financial needs, our banking experts are here to help.