Here’s how to save big for your big idea.
March 13, 2019 1 min read
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Figure out where your money is going dollar-by-dollar, then gauge where you can reign in spending. You can go with the pen-and-paper approach or try apps like Expense or Clarity Money.
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Separate and automate your savings. Consider creating a dedicated savings account for your small business — and de-linking it from other accounts so you’re not tempted to dip in. You can also schedule auto-transfers to your savings account for any regular length of time.
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Consider where you’re storing your stash. Savings accounts at many large financial institutions offer just 0.01 percent interest, while high-interest savings accounts — often FDIC-insured and available online — can offer up to 2 percent. DepositAccounts.com has a search tool to compare account interest rates.
For more tips, check out Entrepreneur‘s article on how to build up savings to launch a small business.
