3 Tips for Saving your Second Stimulus

Many Americans are feeling a little joy this month as an additional $600, per person, funds make their way into checking accounts across the nation. So, what should we all do with this 2nd stimulus check? Here are a few good options that could prepare us for the year ahead.

1. Open a new savings account. Many people work better with a clear goal. Open an account and set the account with a nickname for that goal. One example, “Car Savings Account”. You could use this for car repairs or saving for a down payment to make a purchase soon. Pick your plan, name it, and make it happen.
2. Add to an existing savings account with your bank. Who knows what is ahead for us this year. Why not be prepared. Stash your cash and be ready.
3. Get on board with a total savings plan to keep the ball rolling. Most banks have features in their apps that allow you to automate a savings plan that fits your lifestyle. You can set this up for any amount to be automatically transferred anytime from your checking to your savings account of choice. For example, you could add $50 each payday to your “Car Savings Account.”

We’ve all just experienced a year like no other. Certainly, 2021 brings with it lots of hope and a bright beginning. Our best advice is to get in the best financial shape you can now.

That all begins with a step in the right direction. You can start today.