Ways to build your savings account
Posted on July 03, 2013 by admin
You know you should put some money aside and save it though as we hear some say they just do not have any money to save after the bills, kids, etc. So how can you do it?
Perhaps you can think about saving a little differently.
Make it Automatic! This is the best and most convenient way to save. Enroll in Direct Deposit at work and have a portion of your paycheck, no matter the amount, put into a savings account. If it isn’t in your pocket, you are less likely to spend it.
Save $2.74 a day and you have $1,000 in a year!
Find your change, save it, and keep adding to it. It is estimated that each family has about $100 in loose change rolling around in their home and car.
Track your spending—count every penny. Most likely, you will find ways to cut back and start saving!
Begin by saving small amounts in a savings account. One way to start is to pay yourself. Think of savings as a bill that needs to be paid.
Save lump sums of money such as tax refunds, bonus payments, and gifts as well as small weekly or monthly amounts, even loose change.
Keep envelopes addressed to your bank together with your monthly bills. Send money to your savings account when you pay your monthly bills. In this way, you pay yourself first.
Even if it is only $5.00 when you get paid, it adds up and will bring you the discipline to save more. Give it a try
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