We all know saving money is not easy. The best way to do anything and be consistent about it is to automate whatever it is you are trying to do. This method works well for most people when paying bills and also will for you when saving money! In this article, I will show you the power of saving money, and also how fast that savings can add up, to the tune of $8000 in just 5 year with $30 a week!
Everyone has different reasons to save money. Some for Vacations. Some for a down payment on a house. Some for Christmas Gifts. Some for a rainy day fund. Either way, you need to save some money with an automated savings plan.
We will start our savings plan by opening a Capital One 360 Savings Account. You can start your account by accessing this link here – Open A Capital One 360 Savings Account. This link allows you to earn $25 free with the initial deposit of $250. S just opening the account your already made 10% on you savings! How can you beat that! This is why we recommend Capital One 360 Savings over other banks to start your automated savings!
Now that we have our Capital One 360 Savings Plan setup, lets talk about the power of saving money. How does saving $8000 in 5 years sound? You can do that with as little as $30 per week in a automated savings plan. Check out this chart below that covers the amount of money you would save with an initial investment of $250 comparing saving at the rate of $20, $25, or $30 per week. NOTE: This does not include any interest that would be earned on the money, so your actual number would be greater!
The chart above says it all! $30 per week, over 5 years, with an initial investment of $250 will give you a savings of just over $8000! $25 per week, over 5 years, with an initial investment of $250 will give you a savings of $6750! Just a single $20 bill per week, over 5 years, with an initial investment of $250 will give you a savings of just under $5500! Three automated savings plans that will get you between $5500 and $8000 in 5 years! This is not including any interest earned on the money so the actual amounts saved would be greater than listed above!
This is the power of time, money, and automated savings!
In conclusion, automated savings is the easiest way to save money no matter what your savings goals are. A savings plan of $30 a week can get you a hefty savings of over $8000 in 5 years. Get started with your savings plan today by opening a Capital One 360 Savings Account and you will hit that $8000 mark before you know it!