Given the climate of today’s economy, it can be difficult to save. As accounting professionals we at Tyler Lynch, PC believe saving for the future must be included in any financial plan. Opening a savings account is just the first step in smart money management. Many individuals have concerns with savings accounts. Are there bank fees? Are you concerned with your spending habits? If you are hoping to improve your personal finances, here are five ways to grow your savings account balance, cut your costs and avoid unnecessary bank fees.

1. Watch your spending – Saving more starts with spending less. If you are struggling to contribute more to your savings account, many banks and personal finance sites offer free online tools for tracking your expenses.

2. Automate your savings - Automatically depositing a portion of your paycheck into a savings account or arranging monthly transfers from a checking account is the easiest way to get into a routine that adds to your balance.

3. Avoid excessive withdrawals - While you may be used to making plenty of transactions with your checking account, many banks discourage the same type of behavior with a savings account. After an account holder crosses the threshold, banks can impose withdrawal fees. These fees vary among institutions, and some account holders may pay up to $10 for each additional transaction.

4. Keep a close eye on your balance – As more banks begin to adjust their business models in the wake of new financial regulation, account holders will need to pay close attention to their account terms, particularly minimum balance requirements. In you maintain your bank account on the internet you can easily find your current bank balance.

5. Overdraft protection is available - According to the Bankrate 2011 Checking Account Survey, the average overdraft fee rose to $30.83. However, you can pay much less should you have insufficient funds by maintaining a savings account with the same bank. The typical fee for savings account protection is $10 per incident.

Reference: David McMillin – Bankrate.com