Jonesboro, AR — (Contributed) — April 17, 2025 — April is Financial Literacy Month, and Arvest Bank is sharing tips to help consumers achieve their savings goals.

According to a January Yahoo Finance/Marist Poll 2025 survey, only 22% of Americans said they were satisfied with their savings. Of those, 44% said their goal was to save more in 2025.

“Having personal savings that you feel comfortable with can give you peace of mind and help you be prepared when a financial emergency arises,” said Ethan Midkiff, branch sales manager, with Arvest Bank – Jonesboro. “Growing your savings may seem challenging, but by having a plan and a good understanding of the options available, you can be on your way to achieving your financial goals.”

Whether someone is just starting to build their savings or looking to grow it, Midkiff offers some tips to get started.

Create a Budget

If you don’t already have a budget, create one using a budgeting app, spreadsheets or a simple notebook. Track where your money is going and identify areas where you tend to overspend. You can then set spending limits to help prioritize needs over wants, freeing up extra cash to begin saving.

Set Savings Goals

Define the objectives of your goals. Do you want to save money for a specific life event, vacation or emergency savings? Once you know that, set clear, achievable goals based on your budget.

If your goal is to build emergency savings, most financial professionals suggest you have three to six months’ worth of living expenses in your cash reserve. However, the actual amount should be based on your particular circumstances. Do you have a mortgage? Are you making car payments? Other factors to consider are your job security, health and income.

Whatever amount you need to save each month to hit your savings goal, budget it as part of regular household expenses.

Begin Saving

To help you stay on track with your savings plan, one of the easiest ways to begin is to “pay yourself first.” Update your payroll deduction at work to include the budgeted amount you want to save each paycheck and have that amount put into a separate savings account. This helps consistent savings without the willpower to make the transfer yourself.

For those with retirement saving goals, if your employer offers a match on retirement plans, such as a 401(k), ensure you’re taking advantage of it. Contribute as much as you feel comfortable with based on your budget and then consider increasing it annually if you receive a raise.

Savings Vehicles to Consider

Several savings vehicles are available besides the traditional savings account, each with unique advantages. Money market accounts are still a great option even in today’s rate environment, typically offering higher annual percentage yield (APY) rates between 1-4% compared to a traditional savings account that has averaged less than 0.5% APY, according to the FDIC. Another great thing is they offer easy access to funds, much like traditional deposit accounts.

Once you have saved up a good amount, you could consider putting that money into a short-term certificate of deposit (CD) such as a 6- or 12-month CD. They typically offer higher interest rates than savings accounts. But be cautious of early-withdraw penalties if you need access to your funds before the end of the term.

Review Your Savings Plan Periodically

Your personal and financial circumstances change often. You should review it annually to ensure it fits your current needs. Additionally, meeting with an experienced financial advisor who can evaluate your unique circumstances and help create a plan for hitting your savings goals.