If you’re committed to saving more money this year, there are many ways to do so. Whether you struggle with putting money in savings or want to ensure your money is in the right place, now is the time to take action. Here are some smart steps to take with your savings in 2024.

1. Automate Your Savings

Make it easier to save by setting up automatic transfers from each paycheck to your savings account. This ensures you save money each month without having to think about it.

Additionally, if you have extra money at the end of the pay period, consider transferring that to your savings account as well.

2. Earn 11 Times the National Average

Instead of settling for the national average rate on savings accounts, look for a high-yield savings account with a competitive rate. For example, Jenius Bank™ offers a APY¹— 11 times the national average².

This account has no minimum balance requirement, is FDIC insured up to $250,000³, and does not charge fees.

Interested in earning APY on your savings? Get started here.

3. Build an Emergency Fund

Experts recommend having three to six months’ worth of living expenses set aside in an emergency fund. This fund can be a financial safety net in case of job loss or unexpected expenses.

Having an emergency fund can help you avoid accumulating debt and provide peace of mind during unforeseen circumstances.

4. Set Savings Goals

Determine your savings targets, such as a down payment on a home, a vacation, or holiday gifts. Create a plan to achieve each goal by saving a set amount each month.

Setting specific goals can motivate you to save and track your progress towards achieving them.

5. Start an Educational Fund

Open a 529 plan account to invest in your or a loved one’s future education expenses. This tax-advantaged account can be used for various educational expenses.

Contributions to this account may be tax-free, and withdrawals may also be tax-free in some cases.

6. Increase Retirement Savings

If you’re not already maxing out your retirement savings, consider increasing your contributions. Even a small increase in savings can make a significant difference in your retirement account balance over time.

7. Find More Ways to Save

Review your spending habits to identify areas where you can cut back and save more. Even small savings in various expense categories can add up over time.

Jenius Bank is a division of SMBC MANUBANK. Member FDIC.

¹ Variable Annual Percentage Yield (APY) as of 2/13/2024 and subject to change at any time.

² The national average rate is accurate as of 1/16/2024 from the FDIC National Rates and Rate Caps for Savings deposit products.

³ FDIC Insurance up to the maximum allowed by law. Deposits at Jenius Bank and SMBC MANUBANK are combined for the purpose of calculating FDIC insurance limits.

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