This Method is One of the Smartest Ways to Save For Big Goals
Written by
Jennifer Taylor
Edited by
Nick Friedman
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In the digital age, when many people don’t even deal with physical money, the thought of using jars to save for your goals probably sounds a bit strange.
But there’s a certain power in being able to compartmentalize your money and visualize your progress that can be really helpful in reaching your big savings goals. Physical jars just aren’t exactly practical when you’re saving for a new car.
That’s what we like about Milli Bank. When you open an account, you’ll gain access to a digital Jars feature that can change the way you save.
Why Jars?
Like most people, you probably have a variety of saving goals, but just one savings account. This makes sense, as having a different savings account for every financial goal would be a lot to handle.
Milli’s Jars allows you to compartmentalize it. Create up to five customized digital Jars, so you can visualize your savings goals.
Here’s why using digital Jars to save for big goals is so effective:
Structure Your Savings
When you look at a traditional savings account balance, you see one number. Watching this number rise is always satisfying, but it can also be confusing if the money is supposed to be funding several different goals.
When you use Milli’s Jars, you can see exactly how much you’ve saved toward each goal. Planning a big vacation? Want to save a down payment for a new car? Milli allows you to create a personalized Jar for whatever you’re saving for. Jars allow you to know exactly where your savings stand and help to keep you motivated.
Get Specific
Ambiguous money goals are easy to break, but Milli Jars can hold you accountable. Decide how much you want to save and by when, then Milli will do the math.
Milli will tell you how much you’ll need to save daily, weekly, monthly, or whatever works for you, to reach your savings goal. Having a specific dollar amount and end date to work toward will make it easy to prioritize savings goals and ensure you meet them.
Make Your Goals a Reality
Every savings goal deserves to be met. Whether you’re saving for a down payment on a home, building an emergency fund, eyeing a bathroom renovation or something else, Jars can help you focus.
It’s much easier to stay motivated when you can see your hard work in action.
Save Big With Milli
Jars aren’t the only benefit you’ll see when you get started with a Milli Account.
You’ll also earn a annual percentage yield, as of Feb. 29, 2024, on the balance in your savings account and all of your Jars — nearly 12 times the national average yield for savings accounts. Your accrued interest is updated daily on your Milli dashboard, so you can easily see how hard your money is working for you.
Even better — you won’t pay any account fees or minimums with a Milli account. This can help you reach your savings goals even faster, as you’ll have more money to put aside.
Milli is FDIC-Insured up to $250,000, so you can feel confident your deposits are safe. It’s easy to open an account and set your Jars up. Then just sit back and watch your savings goals come to life.
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