We all have a dream of something we want to buy or achieve that usually requires some investment. For example, maybe you want to buy a home, take a trip, buy a new car or develop a business. To achieve these things, it is beneficial to save and have the money necessary to make a down payment or pay for the purchase in full, without having to resort to a loan! Without having to resort to a loan!
However, although saving allows you to turn your dreams into reality, the most important thing is that saving is a healthy habit that allows you to organize your income and plan the things you are going to buy. In addition, the good practice of saving is the best letter of introduction when applying for credit.
On the other hand, saving represents a great support to take care of any emergency and will allow you to have a better quality of life in the future. It is much better to spend responsibly in the present and save fixed amounts now, than to live spending more than you earn and always be in debt.
A good formula for you to start saving is to set aside the same amount, whether weekly, biweekly or monthly, and put it in a savings account. The recommendation of many financial planners is to set aside 10% of your income for savings. The ideal is to separate the money you are going to save and use what you have left to pay your debts and expenses, this way you will always manage to save. However, the important thing is that you develop the habit of saving and get into the habit of saving a portion of your income, whatever amount you can save.
If you want to start encouraging your savings habit, or if you already save and want to learn about a better option, at Oriental we offer the Cuenta Ahorra. This savings account is for individuals and is for personal, family or household purposes. It requires a minimum opening deposit of $25.00. An advantage of this account is that it provides you with a Mastercard® debit card, in case you need to use the money in case of any eventuality1.
You are required to maintain an average daily balance of $500.00 during the cycle to earn interest and if you do not maintain that average daily balance during the cycle, a fee of $7.00 per month will apply. Depending on the average daily balance of the account each cycle, the Interest Rate and Annual Percentage Yield (“APY”) applicable to the account will vary according to the balance. We use the average daily balance to calculate interest and to determine the minimum balance charge required on the account.
Saving will allow you to live with peace of mind and give you the financial security and independence you need to reach your goals and face critical situations. If you develop the habit of saving, you can guarantee a better future for you and your family. At Oriental we are more than ready to help you save, for more information click here or call us at 787.777.7777.
