If you are thinking about starting a savings account or a checking account, there are some things you need to know about the best tips for making a savings plan. These tips can make it easier for you to make savings, no matter what the interest rate or the fees are. These tips can also help you save money over time and allow you to make better decisions when it comes to investing money. It is good to have these tips for making a savings plan in place so that you can be sure that your money is going where it is supposed to go.

Interest Rates

One of the first tips for saving money is to take the time to find out what the average interest rate is for your state. You can get this information from a number of places, such as the Federal Reserve Bank website or from a bank. You may also want to ask the staff at the bank you are using if they offer an interest rate comparison. This will give you a chance to see what rates other banks are offering for the same amount of money.

Another thing you will want to consider before you open a checking or savings account is how much money you have that you can add to a savings account. Sometimes you will have more money in a savings account than you do in a checking or a credit card account. You will want to think about how much money you have available in your savings account before you open a new account, as you may be able to open a savings account with more money than you have in your checking or a credit card account. This will allow you to get the best rates and fees possible.

Keeping Track of Transactions

When you are looking at saving money, you will want to make sure you keep track of all your transactions. You should also write down all of the details of your transaction, including what account you are using and what kind of funds you are using. This way, you will know exactly how much you need to put into your savings account and how much you are spending. This will allow you to determine how much money you can save each month when you are making your savings plan.


Once you have figured out the amount of money you can save each month, you can begin to figure out what kind of monthly expenses you have. One thing that you can use to do this is to review your expenses each month, especially the bills that are due the next day. You can write them down and think about what those expenses were. You might notice a pattern that helps you determine what bill you can reduce or eliminate entirely, such as a charge-card bill for gas or a utility service bill.

Credit Limits and Avoiding Debt

You will need to learn how to use your credit cards properly so that you can pay them off on time. Many people do not use their credit cards correctly, which leads to them accumulating debt that they cannot get out of. If you do not pay off your credit card debt in a timely manner, you could end up in even more debt. This will make it harder to make payments on your other bills each month.

Another thing that you can do to help you make your credit cards work for you is to make sure that you keep track of your purchases. If you are in a restaurant with your credit card, you might want to write the date and time on which the bill was made so that you can pay it off promptly. You will want to pay off your bill on time every single time. Remember that late payments can damage your credit rating.

If you find yourself already in a lot of debt and need financial relief then you might look into debt settlement. There are many debt settlement pros and cons so make sure to do your research before deciding to go this route.


As you open your new bank account make sure that you are keeping track of your finances and understand how to manage credit card debt. With these tips and tricks you should be able to continue to increase your savings.

Author's Bio: 

Katie earned a BA in English from WWU and loves to write. She also adores hiking in redwood forests and photography. She feels happiest around a campfire surrounded by friends and family.