Traditionally when you think about saving for a large purchase, you think about saving for a car or home. However, there are other short-term and life event purchases that could also fall into this category. For example, a new computer, vacation, college or a wedding could all fall into the large purchase category.
No matter what you are saving for, the best way to achieve your goal is to make a plan and stick to it.
- Determine how much you want to save each month and for how long.
- Make sure you have adequate emergency savings. You don’t want to save for months or years only to dip into your savings to pay for an emergency.
- Have money automatically put into a savings account through direct deposit or set up an automatic transfer from your checking account.
- Consider the type of savings account you need. If you’re planning to save for a few years, look into a Certificate of Deposit (CD) or other type of account that may yield more interest than a traditional savings account. Be cognizant that these alternatives may have limitations on when you can access your funds. For purchases such as an appliance, computer or vacation that take less time to save for, consider utilizing a regular savings account. Your money will be kept safe and secure, and you can usually access your savings at any time.
Need help planning for that large purchase? Visit a Southeastern Bank representative to learn more about your savings options.
*Article adapted from Katie Bryan, America Saves communications manager
About Us: Southeastern Bank, established in 1888, has a long history of serving its customers and communities. From checking accounts and loans to investments and more, Southeastern Bank has the financial products you need most. Southeastern Bank has 11 locations throughout coastal Georgia and northeast Florida that include Brunswick, Callahan, Darien, Eulonia, Folkston, Hilliard, Kingsland, Nahunta, Richmond Hill, St. Simons Island and Woodbine.