America Saves Week is a good time to assess your finances

It’s America Saves Week, a good time to re-evaluate your savings strategy. The week is aimed at encouraging individuals to develop healthy financial habits that will help them build a nest egg. Employers, banks, credit unions, educators and financial professionals around the country are offering programs to help educate consumers.

Even if you are already stashing money in a savings account, it’s a good ideal to periodically review how your money is doing. After reviewing your account statements, it may make sense to shop around to compare savings, money markets or certificates of deposit that may allow you to earn more interest. Before switching to a new institution, make sure you have reviewed the terms of your current bank accounts so you won’t be hit with any penalties.

If you don’t have any savings, this is a good time to open a new account. Shop around for a bank or credit union that has a low opening deposit requirement. Then set up an automatic savings plan so that you can become consistent with adding money over time. Even if you can only deposit a small amount out of each paycheck you’ll begin to make saving a habit that will stick.

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