How to Get Your Savings Off the Ground with Spruce Built by H&R Block

Revelation: Spruce sponsored this article, which was published on January 20. Spruce, a mobile banking app for Android e iOS offering spending and savings accounts and a debit card. Helps you be smart with your money. Spruce is a financial technology platform created by H&R Block, which is not a bank. Banking products provided by MetaBank®, NA, Member FDIC

No matter where you start, it's important to take steps to manage your money and save more. Making smart financial decisions can help you open new doors in your life. But what if you don't know where to start?

Don't worry We'll share some tips to help you get your savings up and running. Plus, we'll look at how to use Fir tree built by H&R Block You can raise your financial status transparently!

Start saving by taking control of your finances

You've decided you want to take control of your finances. That's a great first step! Now it's time to put that goal into action.

Here's how to make sure your finances reflect the goals you've set for yourself

Are you making enough money?

It is important to analyze your savings and spending habits. This way, you can calculate how much money you are saving each month by keeping track of all your expenses and savings.

On average, Americans save about 7-8% of your monthly income each monthIn 2020, savings increased dramatically, with an average rate of 33,8%. However, this level of savings is not the norm.

However, it is recommended to allocate at least 20% each month to savings and debt repayment. The 50-30-20 budgeting model, in which 30% is spent on discretionary income, while 50% is used for essentials and 20% is allocated to savings, suggests this idea.

These benchmarks will help you see where you stand. Is it possible to save even a small amount? Are you on a winning streak? Maybe you just add regular amounts to your savings whenever possible.

You can save money, but it's better than losing it all. Use what you have! The fir has an automatic saving function Set personalized savings goals that make saving easier. Your financial potential increases with the money you save.

How are savings goals created?

Your savings goals can revolve around anything you want in your life.

For example, let's say you want to take a once-in-a-lifetime trip to Fiji. This would be a great savings goal. Another example of a savings goal is saving money for a down payment or setting aside funds for future purchases. expected retirement dateIntentionally saving every month to buy a car in the future.

You need to take time to think about the costs that may be associated with your goals. With an idea of ​​what you will need to save to reach a specific goal, think about the time frame. Do you want to earn thousands of dollars in a relatively short period of time? Do you need to work for years before you reach your goals?

Once you have a budget and time frame in mind, it's time to figure out how much you'll need to save each month to reach your goal.

For example, if you want to buy a new car worth about $30.000 in 5 years without having to make a monthly payment, then you would want to save $500 per month.

You can combine several savings goals.

What can you do to stay true to your savings goals?

It's one thing to have a savings goal. It's one thing to set a goal, but it's another to actually achieve it. Here are some tips to help you stay on track with your savings goal.

make a budget

Now is the time to set your savings goals. Create a budget It should reflect your priorities. When creating a budget that works for you, you need to be clear about your priorities. Make sure to include your savings goals in your budget so that your money can be used for your savings goals.

Receive spending alerts

To help you stay on track, spending alerts can be a useful tool.

The idea is simple, you'll set up a spending alert to notify you when you're about to spend more than you've allotted for a particular category or time period. Once you see the alert, you'll hopefully be able to adjust your spending behavior for the rest of the budget period.

Sometimes life gets in the way. A spending alert is a reminder that you can stick to your plan, even if you have other priorities.

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If there isn't enough room in your budget for all the things you care about, it may be time to consider a side gig, find a higher-paying job, or ask for a raise. Your income could increase to alleviate some of the pressures and help you save money each month.

Use the fir

The good news is that you don't have to go it alone to reach your savings goals. A tool like this can help you get started. H&R Block Built Fir Streamlining your savings strategy

Spruce was created by H&R Block to help savers like you take control of your finances by achieving your savings goals.

What is Fir? How can it help your savings take off?

Spruce, a mobile banking app is available It gives you access to your savings and spending accounts and also provides you with a debit account to help you effectively manage your spending and saving goals. You can also track your progress by using the app to create savings goals.

Main features of Spruce

Here are some examples of interesting spruce-related features. Visit sprucemoney.com/features/ for more details.

Savings goals

Spruce has specific savings goals that will motivate you to save even more. Having dedicated goals can not only make saving fun, but it also helps you stay focused on what you want to achieve.

No registration fees or monthly fees

In addition to the helpful savings goal feature, Spruce, created by H&R Block, offers accounts with no monthly or sign-up fees.

You are rewarded with automatic cash back

Spruce lets you earn cashback rewards that automatically boost your savings and can help you reach your goals.

Spruce direct deposits can get you paid up to two days early

You can collect up to two days before the due date, which will help you save money and pay your bills on time.

Get a free credit score

You can access your free credit score to help you monitor your credit status.

Complimentary Coverage (Overdraft Protection)

Overdraft fees can be expensive. Spruce offers complimentary overdraft protection of up to $20 with direct deposit.

Tax Refund Recommendation

Not sure what to do with your tax refund? To fund your future, you can create a Spruce account using your tax refund.

My life and my ideas

In the “My Life & Insights” section of the platform, you can easily monitor your finances and visualize your progress toward your savings goals. You’ll find simple tools to move your money and maintain momentum toward your financial goals.

Other characteristics

Within your account, you'll also have easy access to ATMs and deposits, as well as helpful notifications to keep you on top of your finances. Plus, you'll find phone and chat support when you need help.

Spruce can help you achieve your financial goals.

How to open Spruce accounts

If you've decided that Spruce is a good fit for you, it's easy to get started. Sign up for an account by clicking here SpruceMoney.com Or the Spruce app. Once there, you'll need to provide some basic information and create a password to set up your accounts.

Spruce account registration is free - get started now!

Spruce can make your savings take off!

You can build a solid foundation by saving money. You can make the path to your savings goal easier if you have the right financial tools.

Spruce has the right tools to help you streamline your savings strategy. Join Spruce Now Start making progress on your savings.

Spruce is a financial technology platform created by H&R Block, which is not a bank. Banking products are provided by MetaBank®, NA, Member FDIC.

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Disclaimer

Exclusion of costs Fees may apply for cash withdrawals at out-of-network ATMs, check ordering at the teller window, and express card delivery. Additional fees may apply from third parties. Please check with your local ATM provider. www.SpruceMoney.com/fees for more details.

Dosh Disclaimer – Spruce Rewards is powered by Dosh. Cashback amounts and merchant locations may vary based on the offer used and time period. To see if an offer is available, check the Spruce app. Any money earned on eligible purchases will be added to your Spruce Savings Account. Details can be found at Spruce Rewards powered through Dosh Terms.

ACH Disclaimer: Early access to funds depends on when the payer submits payment. These funds are typically made available to you on the day the payment instruction is received, which can be up to 2 days before the payer's scheduled payment date. To be eligible, you must have $200 per month in direct deposits, excluding tax refunds.

Credit Score DisclaimerFICO score refers to credit.^® Experian data gives a score of 8. You may receive a different FICO Score than the FICO Score 8. Or a completely different credit score, depending on your lender. FICO^® Fair Isaac Corporation is the registered trademark of this product. MetaBank offers this service separately to Spruce account customers.^®nA

ODP Disclaimer Courtesy Protection is only available for purchases, ATM withdrawals, or cash withdrawals with your Spruce Debit Card. Courtesy Protection is not an extension or credit. It is a form of courtesy that we may exercise at our sole discretion. To be eligible, you must have received $200 in eligible deposits during the 35-day period. You must repay any negative balance within 30 days. See Spending Account Agreement for details.