If you’re one of the many people who don’t have an emergency fund, know that it’s never too late to start saving. Making progress toward your savings goals is a win and can help you in the future.
A savings goal of $1,000 is a great place to start. Want to have $1,000 saved before January 2025? I have good news—this goal is possible. I’ll show you how to achieve your savings goal so you’re better prepared for emergencies.
Make your savings goal more manageable
Now is an excellent time to start saving so you can put $1,000 away before the new year. For many, a large sum can be overwhelming.
But if you break that goal down into smaller goals, it can feel more attainable. I use this strategy often because I like to tackle smaller financial goals. It helps me stay motivated throughout my journey.
Our pick of the best high-yield savings accounts of 2024
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American Express® High-Interest Savings 
APY 4.25%
Price info
4.25% annual percentage rate from August 14, 2024
Member of the FDIC. |
APY 4.25%
Price info
4.25% annual percentage rate from August 14, 2024 |
Min. to earn 1 dollar |
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CIT Platinum Savings 
APY 5.00% APY for balances of $5,000 or more
Price info
5.00% APY for balances of $5,000 or more; otherwise 0.25% APY Min. to earn $100 to open an account, $5,000 for maximum APY
Member of the FDIC. |
APY 5.00% APY for balances of $5,000 or more
Price info
5.00% APY for balances of $5,000 or more; otherwise 0.25% APY |
Min. to earn $100 to open an account, $5,000 for maximum APY |
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UFB Portfolio Savings Account 
APY 5.15%
Price info
To ensure you continue to receive the highest interest rate with UFB, you need to keep an eye on their interest rates. Occasionally, the bank opens new accounts with higher interest rates. Existing accounts will need to contact the bank to request to be transferred to one of these new accounts.
Member of the FDIC. |
APY 5.15%
Price info
To ensure you continue to receive the highest interest rate with UFB, you need to keep an eye on their interest rates. Occasionally, the bank opens new accounts with higher interest rates. Existing accounts will need to contact the bank to request to be transferred to one of these new accounts. |
Min. to earn $0 |
Ready to get started? I’ll tell you a few ways you can set up a $1,000 savings fund before 2025.
For the following calculation, we assume you start saving in September and continue saving until December. Here are some options:
- Save $250 per month
- Save $125 every two weeks
- Save $62.50 weekly
Choose the strategy that works best for you. For some, setting aside $250 or $125 less often may work best. For others, a smaller weekly goal is ideal for their budget.
Remember, there’s no right way to reach your goal. Maybe you can eat out less, get a part-time job, or cancel a monthly subscription that you don’t use often enough to justify the cost. The important thing is to get started and stay on track.
With this strategy you can save time
One area I’ve struggled with in the past when it comes to saving money is remembering to do so. Sound familiar? Even though I wanted to meet my goals, I would sometimes forget to transfer money from my checking account to my savings account.
But now I use automation to keep me on track with my goals and save time.
You can set up automatic transfers through your bank. The easiest way to set up your automatic savings plan is to log into your account through your bank’s website or mobile app. I have money automatically transferred to my savings account every two weeks. You can choose the schedule and amount that is ideal for you.
Earn interest while your money is in the bank
My final suggestion is to keep your savings in an interest-bearing bank account. If your bank account is earning interest, you are earning money while your money stays in your bank account. To maximize the interest you earn, consider opening a high-yield savings account.
Typically, these accounts offer higher interest rates than the standard savings accounts that most local banks offer. The more interest you accumulate, the higher your bank account balance will become.
Don’t give up hope
You can do it! Even if you have $0 saved today, there’s still time to take steps to reach your financial goals. Just imagine how happy you’ll be when January 2025 comes around and you have $1,000 saved in the bank. When an unexpected expense comes your way, you’ll be prepared.
These savings accounts are FDIC insured and could earn you more than ten times your bank account
Many people miss out on guaranteed returns because their money sits in a large bank savings account and hardly earns any interest. Our selection of the best online savings accounts could earn you more than ten times the national average interest rate on savings accounts. Click here to discover the best-in-class accounts that made our shortlist of the best savings accounts for 2024.
