How an Automatic Savings Account in Las Vegas Can Work for You
The research team at GOBankingRates was "startled" in 2015, when it found 62 percent of 5,000 adults surveyed said they had less than $1,000 in savings.
With an improving economy, the team expected better results in 2016 when it added another 2,000 people to the research pool. But the results were worse: 69 percent of the respondents said they had less than $1,000 saved. Even more surprising: in 2015, 28 percent of the adults said they had no savings at all; in 2016, the percentage climbed to 34 percent.
How do they – and how does anyone – explain such findings, especially when they are spread amongst people of all income levels?
Americans are big spenders, not big savers
Too many people spend before they save and then "never look back," one team member said.
You can change that pattern: save before you spend and look forward to compounded savings when you set up an automatic savings account in Las Vegas through Clark County Credit Union.
Set up an automatic savings account with ease
An automatic savings account is usually a separate account – even separate from other savings accounts you may already have at CCCU. Designate a fixed amount of money to deposit in this new account at certain intervals – usually after you receive a paycheck from your employer.
Some people like to determine the amount of this regular deposit by calculating a percentage of their take-home pay – say, 5 or 10 percent. If you're unsure, err on the conservative side, knowing you can always increase the amount in a month or two.
If you've never opened a savings account in Las Vegas at CCCU, it takes only minutes to do so. All you need is $50 to start a savings account – this deposit also entitles you to many other benefits:
How the best savings account in Las Vegas can work for you
Watching your savings grow, month after month, is the main advantage of establishing an automatic savings account. There are others, too, including:
- You "pay yourself first" and fulfill the golden rule of personal finance, thereby paving the way for a lifetime of consistent savings.
- You remove the temptation to "pay yourself later," after you spend money on discretionary purchases.
- You build a nest egg you can use at a later date when you really need it, such as to purchase a home or make a large investment.
- You sidestep another negative American habit: spending more than you earn.
- You bask in the satisfaction of knowing you are a disciplined saver.
You can start reaping these returns today – when you go to Clark County Credit Union and open an automatic savings account in Las Vegas. Call CCCU at 702-228-2228 to get started today.