Do you want to save for an upcoming trip you might have been planning for a very long time? Or are you planning to replace your washing machine with improved quality features? Or do you want to upgrade your computer’s software and hardware? Or are you having a hard time paying off a debt? How are you going to manage your finances to meet these goals? Too many questions, yet all it comes down to is reorganizing your financial goals, which is still hard to do, right?
Well, worry no more; why not try opening bonus saver accounts? But before that, what is this account even about? It is a savings account where you will enjoy a higher interest rate as a depositor, provided you can comply with certain requirements in a specific period of time, which is usually a month. If you are a consistent saver, this is really great for you, but if you’re not, then this will stimulate the urge to save and start building this habit for your greater benefit. If you haven’t met your financial goals in the past, this might be your proper financial habit.
How does the bonus saver account perform for your benefit? Aside from the base interest, which is the standard interest rate, your money will also earn a significantly higher bonus interest rate, provided you comply with the specific conditions imposed on your account. The usual conditions include depositing a minimum amount of money monthly and not performing withdrawals in the same month. Interest calculations and payments are done monthly. However, if you fail to accomplish these conditions, you also abandon your chance of reaping the bonus money for the month.
Effectively, a bonus savings account is what you need for short-term financial goals. So here’s how you can maximize using the said account for the achievement of your short-term goals:
- First, identify your specific goal. Proceed with a slow but step-by-step process. Open this savings account for one short-term objective only. It will be easier for you to budget if your finances are not mixed up.
- How much money do you have to raise to achieve that objective? Let’s do the math for you and compute how much money you should allot for each month. For example, if you need a certain amount, like $4,000 in six months for a family outing, then you might have to save $667 per month to reach that goal. Financial planning is essential, and you must stick to this plan to better achieve your goal. You shouldn’t push and pull on this; you should be firm on your savings.
- Regularly deposit the determined amount each month; of course, you should avoid any withdrawals.
- You can schedule the automatic transfer of that certain amount of money from your primary account to the bonus saver account to be sure that you do not forget to do the transaction monthly. Being busy with your job and other household matters may distract you from doing this routine transaction.
- Monitor the progress of your savings. You will be driven to stay committed to this activity once you see how your money grows to meet your goals. You will discover after six months that you not only saved for that specific goal but also earned extra income. You receive an incentive for being a consistent saver: you save to achieve your goal and reward yourself simultaneously.
- This will also inspire you to open other bonus-savings accounts for your other short-term goals. Be organized with only one short-term goal for one account. You will be excited to use the same technique for your next short-term goal because you have experienced an easier way to do it. You may even ask your friends, family, and neighbors to try the bonus saver account for their own good.
Due to our many expenses and financial worries, a bonus savings account will keep you more focused on reserving money for a specific goal in life. What are the benefits of such an activity instead of just keeping your money to yourself until you reach the required amount for its actual use or just putting it in an ordinary savings account? Your money will earn interest in a bonus account—not just interest but considerably higher interest rates. Aside from that, you will develop the habit of saving and spending only on what is essential to avoid unnecessary withdrawals. You develop discipline in handling money matters.
Elevate your financial habits and boost your short-range goals; open a bonus saver account now!
