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FDIC Consumer News

Winter 2015

How and Where to Save: Our Latest Tips

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Everyone knows they should save money to help pay for their future needs or wants, but not everyone knows the best or easiest ways to save. That's why FDIC Consumer News regularly features tips on where and how to save efficiently. Our most recent suggestions appeared in the Spring 2014 ( and Fall 2014 ( issues. Here are a few more ideas.

Review how and where you are saving for retirement.Options include workplace retirement plans and Individual Retirement Accounts (IRAs) offered by many banks and investment companies.*

Set savings goals for specific reasons. "Designating accounts that you will regularly contribute to for a particular purpose, such as for a vacation or the next holiday season, will help motivate you to meet your goals by a certain deadline," said Luke W. Reynolds, Chief of the FDIC's Outreach and Program Development Section. "Some banks offer 'club' accounts that promote regular, small savings for a certain reason, but you can use regular deposits into any savings account to reach your target."

Certificates of deposit (CDs), which provide a predetermined fixed- or variable-rate interest payment for a set time period (usually three months to five years), also may be an option.

Find more money to save by cutting expenses. A great resource for ideas on how to use your money wisely is, the U.S. government's main Web site about personal finances with information from more than 20 federal agencies, including the FDIC. Start at the "Spend" page at

If you get a large, one-time "windfall," consider using some or all of it to help build your emergency savings. Start by checking whether you have enough in a federally insured deposit account to cover three to six months of essential living expenses. If you don't have that much in your "rainy day fund," consider adding funds from a tax refund, an inheritance, or other new-found money. This account may help pay for major unexpected expenses or tide you over during a disruption in your income.

For more ways to save, including ideas for keeping banking costs down, search for articles in FDIC Consumer News at and check out the FDIC's Money Smart financial education program at

* Previous text describing the U.S. Treasury Department’s “myRA” (myRetirement Account) program has been removed because of the phaseout of the program in late 2017.