Skip to main content
Discover Logo Modern Money
  • Checking Account
  • Online Savings Account
  • Money Market Account
  • Certificate of Deposit
  • IRA Certificate of Deposit
  • IRA Savings Account
  • Discover Bank Blog Home
  • Banking 101
  • Saving
  • Budgeting
  • Career & Education
  • Family Finance
  • Retirement
  • Lifestyle
  • Home
  • Banking 101
  • Saving
  • Budgeting
  • Career & Education
  • Family Finance
  • Retirement
  • Lifestyle
    • Checking Account
    • Online Savings Account
    • Money Market Account
    • Certificate of Deposit
    • IRA Certificate of Deposit
    • IRA Savings Account
    • Compare Retirement Accounts
    • Find an Account

Save Today and Reap the Rewards Tomorrow

We all know we should be saving. These 5 tips can help you get started.

We’ve all been taught that saving money is important, and let’s face it, we all want and need to save for something. Whether it’s home repairs or a new car, it’s important to have a proper “rainy day fund” so that you can save for short-term goals and also be prepared when tough times hit.

For these reasons, along with many others, it’s more important than ever that you begin saving for those rainy days. A savings account can be a great way to save for short-term and long-term goals, as well as for unexpected costs. Discover’s Online Savings Account can deliver what you want: a great savings rate and convenient access online or on a mobile device, to give you peace of mind.

Beginning to save is a key characteristic of any successful financial plan.

To get your rainy day fund up and running follow these five tips.

1. Set a Goal

Decide what you want to save for. Maybe it’s a house, car, or a vacation? Maybe it’s a new mobile device or computer? It doesn’t matter if it’s big or small-it’s still important to set a goal. It may even be helpful to write down the goal and put it somewhere you’ll see it often so you can remember why you’re saving. If you are unsure of where to start, online savings calculators can help set your savings objective and plan of action.

Setting financial goals that are important to your family can help you save for your future together.

2. Create a Budget

Budgeting doesn’t have to be difficult or complicated, and budgeting can be a good way to figure out how much to save each month. Budgets allow you to better understand how to control your spending so you don’t spend more money than you have. With a budget, it’s much easier to see where your money is going and identify areas where you can improve. You may be surprised to see where your hard-earned money is going!

3. Free Up Extra Cash

There are probably many areas where you can save a few bucks. Eating out less, canceling a gym membership you don’t use, or even switching to an online bank to avoid fees can easily free up $100 or more per month toward your goal.

Look for ways to cut back your spending, such as cooking more meals at home.

4. Start Saving

It may be difficult, at first, to find ways to save, and it may feel like you’ll never meet your goal. But, don’t be discouraged. Financial experts recommend having a savings account equal to 3 to 4 months of your annual household income. If your family relies on just one income, try and set aside an additional 20% more. Start small and then work your way up to your goal.

Talk to your family about ways to make saving a priority.

5. Make Saving a Priority

Saving in general and saving for an emergency should always be a priority. Savings takes time, especially if it’s for a house or a car. If you want saving to become a habit, then you should go from waiting until the end of the month for leftover money and start saving before you do anything else. When you get your paycheck, don’t pay someone else before you pay yourself. Make your fun savings the number one priority and you’ll begin to see a difference. Beginning to save is a key characteristic of any successful financial plan. Busy lifestyles and various expenses can make saving money difficult. However, a savings fund can go a long way to decrease any financial stress you may encounter.

Take your financial knowledge to new heights

Sign up for our quarterly Modern Money newsletter.

Enter a valid email address.
Send me articles about (optional)
  • Saving
  • Budgeting
  • Retirement
  • All of the above
Please verify that you are not a robot.

By providing your email address, you are consenting to receive the Modern Money newsletter from Discover. Subscribing to this newsletter will not impact any other email preference you may have with Discover.

Loading…

Discover Bank, Member FDIC

Was this article helpful?

  • Yes this article was helpful.
  • No this article was not helpful.

Tags:

  • Budgeting
  • Budgeting Basics
  • Emergency Fund
  • Online Savings Account
  • Quick Tips
Related Article
Stressed About Money? 6 Stress-Less Financial Tactics
Close
  • Share article on facebook.
  • Share article on twitter.
  • Share article on linked in.

Related Content

11 Easy Ways to Save Money
What is Zero-Sum Budgeting and Can It Work for You?

You earned it.
Now earn more with it.

Online savings with no minimum balance.

Start Saving
DiscoverOnline
Savings

Discover Bank, Member FDIC

Banking on Your Terms

Checking Account: Enjoy Everyday Checking and Earn Cash Back While Doing It
Checking Account
Online Savings Account: Imagine an Online Savings Account Without the Monthly Fees
Online Savings Account
Money Market Account: Get the Best of Both Worlds: Flexibility and High Yields
Money Market Account
Certificate of Deposit: Lock in Your APY and Reap the Returns
Certificate of Deposit
Individual Retirement Accounts: Make Saving for Retirement a Lot Easier
Individual Retirement Accounts
Quick Quiz: Find the Account That's Right For You
Quick Quiz
Back To Top

Online Banking Products

  • Checking Account
  • Online Savings Account
  • Money Market Account
  • Certificate of Deposit
  • IRA Certificate of Deposit
  • IRA Savings Account
  • Compare Retirement Accounts
  • Find an Account
  • CD Rates

Help and Resources

  • FAQ
  • ATM Locator
  • Forms and Documents
  • Secure Document Upload
  • Mobile Banking
  • Apple Pay
  • Features and Benefits
  • Modern Money Blog
  • FDIC Insurance

Other Discover Products

  • Credit Cards
  • Home Loans
  • Personal Loans
  • Student Loans

About Discover

  • About Discover
  • Financial Education
  • Investor Relations
  • Merchants
  • Newsroom
  • Sitemap
  • Terms of Use
  • Security Center
  • Privacy
  • Contact Us
  • AdChoices
  • Facebook
  • Twitter
  • LinkedIn

©2022 Discover Bank, Member FDIC

Discover

© 2022 Discover Bank, Member FDIC

  • Equal Housing Lender
  • Equal Housing Lender
  • Equal Housing Lender

You are leaving Discover.com

You are leaving Discover.com and entering a website operated by a third party. We are providing the link to this website for your convenience, or because we have a relationship with the third party. Discover Bank does not provide the products and services on the website. Please review the applicable privacy and security policies and terms and conditions for the website you are visiting. Discover Bank does not guarantee the accuracy of any financial tools that may be available on the website or their applicability to your circumstances. For personal advice regarding your financial situation, please consult with a financial advisor.

Continue