Are you planning to save up for your retirement? Your Roth IRA account may offer you tax deductibles for you to save up a lot but the money saved may be well spent on other areas like too many bank accounts! Ask how? Banks charge fees for maintaining those accounts and you as a client lose out on a good amount of money paying up these fees. You might want to purchase a new car, a new washing machine or a sound system.

One common strategy that we all apply when we don’t have enough money for a new household expenditure is to open a new account to save up money specifically for any new kind of expenditure that might crop up.  But maintaining so many small accounts is pretty expensive as many banks charge fees for maintaining accounts with low values. These accounts usually happen to be checking and savings accounts. CDs and brokerage accounts are the other type of accounts that people generally tend to pay up fee for.

Don’t Maintain More Than Two Accounts

One good way to save up on your money for retirement is to open just one or two accounts. You can have a single checking account and another, a high interest savings account. Instead of so many small accounts, these two accounts are enough to handle all the issues related to your routine and special expenditures for any given month. Even when you’d want to transfer money between different accounts, you’d have to pay a fee to the bank for availing the services.

Go for a Christmas Club Saving

Since we are all still in the holiday mood, the Christmas Club saving is something that is most appropriately discussed about during this time of the year. You open the account in January and maintain that account for the coming Christmas. If you touch it before that, you’ve got to pay up a penalty. This should work for saving up for your retirement too. Open an account for retirement and keep saving up money for that in a step-by step manner every month. This will help you build up security for your future. This type of saving reminds me of saving up money category-wise for different expenditures.

If you want to save up for retirement you could also adopt these strategies.

• Keep visiting the online website of the bank and operate your transactions from there. You really don’t have to pay a fee for many online transactions. Of course, if the usage of paper is mandatory, you might need to do it.
• Don’t use a savings account for more than 6 transactions. The transactions are of the type namely, wire, ATM, ACH transfer. If you make more than 6 transfers on your savings account you’ll be charged a high fee. You can always go for a checking account for that.