Welcome to Tru Direction where our mission is to help you find your way
to financial fitness.

Personal finance can be a tough topic for educators and parents to teach, simply because many of them haven't mastered it themselves. That's why we're here— to help individuals at any life stage better understand personal finance and money management. It's never too soon or too late to learn best practices for saving, borrowing, and planning for the future.

Your days of managing money by trial and error are over. It's time to find your Tru Direction.

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Now is the time to review ... the savings goals you planned back in January 2016, before the new year arrives. Did you plan realistic goals and do they still make sense 9-months later? Can you list and prioritize them? If you needed to identify 1, 2, or 3 goals -- which would be the ones that (if you achieved), would give you a sense of "yahoo" satisfaction.  

It is time to get serious about your savings goals. Today, many banks, credit unions, and online institutions are making it easier than ever to reach your goals by offering goal-oriented savings accounts. They are typically available in one of the following varieties: registries, savings accounts, or sub-accounts that are joined to a regular checking or savings account. Unlike long-term college and retirement plans, these accounts are geared more for short- and medium-term goals, such as buying a vehicle, taking a vacation, or saving for a down payment on a house. Most institutions will allow you to open several of these accounts and name them according to your individual goals.

Once you know exactly how much you need to save for a particular goal, your goal-oriented savings account provides access to tools that enable you to determine how much you’ll need to save each week or month, and for how long, in order to reach your goal. While it’s easy to withdraw money from a regular savings account for the latest gadget or those new shoes and matching handbag you think you need, a goal-oriented savings account helps keep you on track. This type of account discourages spending temptations by limiting withdraws, charging a fee for them, or restricting them completely until the end of the term.

It’s true that goal-oriented savings accounts are stricter than regular savings accounts, but many of them also offer greater benefits. For example, some accounts allow family members and friends to contribute to your goals. This makes gift giving for special events easy and convenient. Other institutions offer higher interest rates, cash back rewards, and other bonuses for staying on track and meeting your goals.

Before opening a goal-oriented savings account, it’s important to understand the terms and conditions associated with that account. Make sure there are no monthly fees or other hidden costs. Also inquire about minimum daily balance requirements so you know how to avoid costly penalties at the end of each month.

For more information on setting up your goal-oriented savings account, talk to a representative from your bank or credit union, or click on the following links.




www.bargaineering.com/articles/kick-start-savings-goalbased-accounts.html (from 2014)