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Must Do Savings Tricks

Jan 3, 2019

Ever wonder why you just can’t hold on to that savings account?

Why is it that we save money and put it aside only to spend it soon after? Here are some helpful tricks that will help you keep your savings funded.

One of the most important tips is to automate. Setting up automated transfers or payroll deductions is a sure way to set your account up for more savings! By automatically sending that money over to a specific account, you are creating a habit that you will soon be used to and appreciate.

Put a name on it. Naming your savings helps you stay motivated in building it without touching it! For example, if you are saving to go to Disney with the family, label your account: Disney Vacation. You will quickly see a difference in your attitude or behavior toward saving! Labeling that account keeps things real. You can’t go on a family vacation to Disney with only $20; you’d better get to saving!

Create barriers. Make it a little more difficult to access money in your savings account. For example, don’t connect your debit card to your savings for easy ATM withdrawals. Set up a separate savings that you do not have mobile access to view. Creating barriers will keep you from transferring savings back into your checking account, which would quickly deplete your savings.

Saving can be tricky. A lot of times we are guilty of trying to save, but never sticking to the plan. These tips are a definite way to help you out! Give it a try and see if you just can’t hit some of those New Year goals you set for yourself.

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