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If you have a savings account with your local bank, there is a good chance that you must maintain a minimum balance in order for the account to remain active. Its usually pretty cheap some banks and credit unions will only require a minimum balance of $5 but sometimes it can be more than that. And regardless of how paltry $5 sounds, nonetheless if you remove that $5 from your savings account the account could be closed. So, it makes sense for a lot of people to consider opening a no minimum savings account. A no minimum savings account is just what it sounds like a savings account that lets you keep your balance at zero, if thats what you want, without worrying that the account will be closed.

Many banks, credit unions and other financial institutions offer no minimum savings accounts. They offer them because the economy is in free-fall, and one of the biggest aspect of this meltdown is a liquidity crisis. A liquidity crisis means there is no money to lend to people and businesses who need it, and lending money is how banks make money. So, in order to tempt you to give them your money, in the form of a savings account, banks, credit unions and other financial institutions in the business of lending money will offer savings accounts with as many bells and whistles as possible. Of course, the loudest bell or whistle is going to be a competitive interest rate, but along with that you can easily get a no minimum savings account. Its just one less thing you have to worry about, and in todays economy, thats a definite plus.

To learn more about no minimum savings accounts, be sure to consult with a financial advisor or a bank representative whom you trust.

If you don't make a lot of money, then you know how hard it can be to save. You just don't have a lot of wiggle room to stay on top of all your bills and responsibilities as well as put some aside for a rainy day or your retirement. Nonetheless, there are ways to cut corners and save money on a low income. The good news is that it doesnt have to be grueling and thankless - you can save money on a low income and still be very, very happy.

Once you've paid off your rent or mortgage, you probably need to pay off all your other bills, like your credit cards, student loans, car payments and others. These come first, and when it comes to voluntary debt, like a credit card, then the first step toward saving money on a low income is to stop spending it through your credit card. You can save money on a low income by looking at everything in terms of "need vs. want." Do you need a new car, or do you want it? Do you need to eat out, or do you want to? Once you ask yourself this fundamental question youll be able to pull back on your discretionary spending, and put it into your savings. That's half the battle right there.

Another technique for saving money on a low income is to take advantage of whatever's offered free. It saves you money to go to the museum on the day it's free. A hike in the mountains costs a lot less than a movie, and it's better for you, to boot. By looking at your choices this way, you'll be able to save money on a low income, even if it's only a few dollars per week.

If you can afford it, consult with a financial adviser on ways to save. If you can't, don't worry - you can always peruse the Internet for new ideas. And if you don't have a computer, don't sweat it. Your local library should have one you can use for free.

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