For most of us, saving money is not a particularly easy task. We all know we should have some money stashed away for various reasons, including planned future expenses and unexpected emergencies. However, there is often a disconnect between knowing the need for saving money, and actually saving money.
The trick is to find a way to make saving a regular habit. Saving money is much more difficult if we wait to have a “chunk” of money to put away. Instead, pick an amount of money to put into a savings account on a weekly, bi-weekly, or monthly basis, and stick to it. You can also think of this as paying yourself first. Chances are if you plan ahead to save a reasonable amount on a regular basis, in a short time you won’t even miss it. The following are some tips and tools to help you achieve this goal.
1) Direct Deposit / Automatic Payroll Deduction
One of the easiest and most effective tools available to help enhance your money saving efforts is Direct Deposit. Direct Deposit allows you to choose a set amount from every paycheck to be deposited into the checking or savings account(s) of your choice. Many employers allow their employees to divide their funds to be deposited into multiple accounts. Taking advantage of this option can allow you to regularly fund your checking account (for your regular bills and payments), as well as supplement one or more savings accounts for various purposes (regular savings; escrow—property taxes & homeowner’s insurance; car repair/replacement fund; emergency fund, etc.).
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