For many people, a savings account is their first introduction to creating a financial nest egg. Unlike a traditional checking account, your savings are designed to grow funds for short and long-term goals. If you’ve just opened your first account, the following tips will help you maximize its capabilities.

How to Manage Your First Savings Account

1. Resist Making Withdrawals

The purpose of your savings account is to grow funds over time. However, it won't be able to do this if you continuously take money out. It may be tempting to tap into your savings if you’ve accumulated a significant amount, but you should resist the urge and rely on other means of income instead.

2. Set Financial Goals

Whether you’re saving for a reliable car or putting money away for college expenses, set monetary goals. Determine how much you need to save and when you want to meet that threshold. You can then figure out how much you should deposit into your savings account each month. Choose a financially realistic amount that won’t cause undue hardship for the best results.

3. Set Up Automatic Deposits

Put your savings account on autopilot by setting up automatic deposits. You can complete a form at your bank that arranges a certain amount to be transferred from your checking into savings with each paycheck. If you get a promotion at work, consider increasing the automatic transfer amount.

4. Follow Withdrawal Rules

If you need to withdraw from your savings for a financial emergency, be aware of the rules. You’re typically allowed to make a certain amount of withdrawals each month before your bank will charge you a fee. If the withdrawals become excessive, you may not be able to access your funds.

The Missouri Bank has a number of savings account options to accommodate your unique financial preferences. Based in Wentzville, MO, and serving Warren, St. Charles, and Gasconade counties, this community bank makes it easy and convenient to manage your finances. From the Statement Savings and Passbook Savings to Christmas Club, you can choose the account that’ll help build and grow your nest egg. To learn more about these accounts, visit their website. If you have questions, call (636) 327-4900 to speak to a friendly team member.