If you’ve spent most of your adult life earning and saving and spending, then keeping money in the bank after retirement can be a challenge. However, when you’re on a limited or fixed income, it’s not only important to keep your savings account numbers high, it’s smart. There are several ways to accomplish this.
First, select an account at a banking institution with a high interest rate. In order to compare rates, you will likely have to call around to different banks in your area to find the one that can offer you the best interest rate. Specify that you want the bank to deposit the monthly interest into your savings account, and you’ll keep your balance up.
Particularly at smaller institutions, if you’ve been banking with the same branch for many years, and especially if you have an elevated balance in your account, you can talk your way into getting a higher interest yield on your savings. Go into the bank on a quiet weekday and ask to speak with the branch manager. As you plead your case, you’ll want to lay out all of the details. Be sure to mention that:
Be respectful and polite, and try to limit your expectations. At the end of the day, the bank will do what’s best for them, but you have nothing to lose and a lot to gain if you ask.
If your savings account is already established, and you have a reasonably good interest rate, the best way to maintain your savings account numbers is to control your spending. Budget your expenses and use the money you have coming in to pay for the items you must purchase. Try to deposit money into your savings account when you can, but only if there’s no chance you’ll need this money before receiving your next couple of checks. In the post-retirement years, you don’t have to save like you did while you were working, but you’ll be happy in the long-run that you planned for your later years.
Be cautious. Just as you’ve always tried to grow your savings, continue to save whenever and wherever you can, walking that balance between counting your pennies and enjoying a good quality of life. Make a budget and stick to it, and revisit your account balances periodically to ensure you’re on track for your financial goals.
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