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The Top 5 Ways to Maximize Your Savings

Home Blog The Top 5 Ways to Maximize Your Savings

The Top 5 Ways to Maximize Your Savings

Saving is one of the fundamental pillars to proper money management. Saving can represent a vacation, a new home, or a long awaited retirement for two. Whatever you are saving for, there are some simple steps you can take to maximize each type of account you use to save:

IRA or Roth IRA: An Individual Retirement Account, or IRA, allows individuals to contribute earnings either before or after tax. In each of these accounts you can accumulate funds that can then be further invested to help generate additional earnings, such as bank CD’s and Bonds or more risky investments such as stocks. The funds can then be dispersed upon the individual’s retirement.

Bank CD’s and Bonds: Both bonds and a certificate of deposit, CD, are time based investments that once ordered accumulate a designated percentage of interest for the allotted time. These are typically purchased in year-long increments, but can be available for as little as six months depending on the institution. Most people who use these offerings want to ensure they do not incur a loss, in addition to gaining a consistent earning rate.

401(k): Originated from your employer, a 401(k) account is a partnership between you and the company you work for. This partnership allows you to contribute pre-tax money from your paycheck into the account. You can then further invest these funds in various financial opportunities. Many companies will also match your contributions up to a specific percentage of your earnings. The funds are available upon retirement, and are taxed as they are distributed.

Personal Savings: By utilizing a high earnings savings account, you can help boost the savings you keep in your bank account. While these may have a lower earning rate, they also offer the flexibility of liquidation should you ever need the funds for an emergency.

If you’re on your way to saving for your new home, child’s education, or family vacation, our experienced staff at Bank of Louisiana is here to help! We’ll show you how to make a plan to achieve your savings goal, without breaking your budget!



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