Often, when someone gets behind on a goal, it’s easy to become discouraged and give up. Luckily it is never too late to save money. An easy way to start is through automatic deductions. Putting money aside before you have a chance to spend it, by removing it from your paycheck and depositing it directly into a savings account, is a great way to kick start your efforts. You’ll slowly build a balance that you can later invest.
Another option is to bank a windfall, like a tax refund check. Certificates of deposit are safe and can return a better interest rate than a savings account. Many banks offer CDs for as little as $500. Depending on your funds, you can buy one or two CDs. You can also explore investing techniques like “laddering” to maximize your growth.
Please contact a financial advisor to discover which savings option is best for you and your financial situation.