Personally, I know saving money is hard, especially when there are such beautiful things out there screaming to come home with me. However, it is absolutely critical that we all have some sort of savings plan for an emergency, a trip, a house, or a new car. Plus, why let the money sit in a checking account when it can grow even slightly? I am trying to get out of debt, so a savings plan actually helps me keep out of debt as well. I only save a meager automatic $25 a month at this point, because my focus is getting debt free. I am proud to announce that my student loan debt is now under $7,500, considering I started in January at $21,000 in debt.

I am currently using HSBC Direct which has 3.05% APY. There are no fees, and require just $1 to open an account. I set up automatic bank transfers monthly from my checking account, so I hardly miss the money that goes into the savings account. Other people have mentioned they like using ING Direct which offers 3.00% APY which has no fees and no minimum to open an account. There is also a new online savings bank that is strictly online and is virtually paperless called Savings Square. It offers 3.50% APY with no fees, $1 minimum to open, and have had some good reviews.

Whichever that you may choose, I sincerely encourage you to start one. According to CNN, an average American household carries a credit card debt of $9,000. It is not due to a high cost of living, but a poor financial education and a culture of consumption that is far beyond one’s needs. Take a simple step that will guide you closer to financial freedom.

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