Some of the best reasons to save money are to increase the buying power of your income and to achieve the financial growth you need to live the life you want. Your savings is a gift you give to yourself! And you can’t lose: The deposits in most financial institutions are protected by the Federal Deposit Insurance Corporation up to $250,000; check with yours to ensure it is, then make your move. Here are some of your options to increase your buying power and achieve financial growth.

Checking Accounts

Checking accounts are great for paying routine expenses but a terrible place to park money because, if they pay interest, you will pay it back in fees and ATM charges. Leave just enough in there to keep you afloat.

Savings Accounts

This is the place to keep an emergency fund of at least $1000. It will pay you a little interest; don’t expect much. The great thing is that it will be easy to get to when you need money fast. Tie it to your checking account so you will never see a negative balance there again.

Online Savings Accounts

They are exactly like saving accounts offered by traditional financial institutions, but they pay a little bit more interest. Keep in mind that you may not have immediate access to your money with this type of account. If you like to resolve issues and ask questions of your banker in person, this may not be the savings account for you.

Certificates of Deposit (CDs)

Money Market Accounts (MMAs)

Money market accounts are like a cross between a checking account and a certificate of deposit. Both of them let you make withdrawals, but a MMA will limit you to a low number of them. Both pay better interest than a savings account, which may help you protect yourself from the effects of inflation. MMAs typically require you to maintain a fairly high balance, but interest rates may be better.

Treasury Bills and Notes (Treasuries)

Treasuries are how the United States government borrows money from you. They are tax-free, which is a good way to keep taxes from eating into your profits. Bills and notes mature as CDs and MMAs do. You buy a treasury bill for less than its face value and you cash it in at full value, thus earning interest. Treasury notes actively earn interest as you hold them. This is a great tool for people who do not have much money saved; you can buy in for as little as $100 and let your interest help you save.