Have you struggled to save money because there never seems to be anything left over?Big surprise! We tend to spend the money we have in front of us. Getting a raise never seems to help, because that money disappears, too. There’s always something we think we need or want right now.
The best way to grow the money in your savings account is by setting up an automatic deposit from your paycheck. That way you never see it to spend it. If your company doesn’t offer this, that’s not a problem. Have an amount set up to be transferred automatically from your checking account to savings on a regular basis. The benefits here are that you are saving without any effort on your part and the money isn’t in your checking account to tempt you.
In addition, don’t have your saving account linked to your checking account on your ATM card. Why you ask? It’s too easy to transfer the funds without any thought. Also, you might want to have your saving account at another financial institution. You can access when you need the funds, but it isn’t that easy – so you will have time to think about withdrawing the funds.
Start to put your savings on automatic pilot today.