How to Save...like a Pro

wealthchecktt
Jul 15
2 min read

Updated: Sep 7

If you struggle with a shopping addiction or are just a little hopeless when it comes to managing excess cash on hand, you can definitely benefit from an automatic savings plan. These special savings accounts force you to commit to a regular saving pattern with the promise of rewarding you with higher returns if you stick to it as planned. They're pretty straight-forward and easy to set up.

All you have to do is:

Decide how much money you'd like to save every month within a specific timeframe
Open a savings plan account (see options below) at the financial institution of your choice
Set up a standing order or recurring scheduled online banking transfers to your savings plan account
Don't break the saving cycle; never skip a month or withdraw from the account
Enjoy the rewards!

Once you've successfully completed the savings plan, you will be able to access the money you had been saving PLUS the interest so you can...do it all over again!

Saving with a Commercial Bank

If you already bank with any of the below banks, then it makes sense to take advantage of their savings plan. Scotiabank will reward you with a whopping 3% bonus interest, the highest interest rate offered by a T&T bank, if you manage to save for a year. They're also very transparent about how the interest payout will be calculated so you can comfortably predict your returns. First Citizens Bank and JMMB Bank also have good options but the interest rates that they offer are not as competitive.

First Citizens Bank

JMMB Bank

Save to Own

Scotiabank

Savings Reward Plan

Saving with a Credit Union

As explored in the Get Serious about Saving post, credit unions tend to offer higher interest rates so they have more attractive savings plans too. However, you'd have to make arrangements for your contributions to be automatically deducted from your bank account and sent to your credit union monthly. They also tend to have shorter or irregular saving periods so you can potentially get rewarded faster. Although some of them are marketed as a sou sou, they are certainly not similar to one. There are no other savers involved, you can't choose to collect any funds before you have made all your contributions and, most importantly, you'll earn interest on your savings.

Agricola Credit Union