Saving is tough, especially with so much out there begging for your dollar. It could be the crying child in the store or the fancy new car advertised on TV, whatever the item, it certainly tugs at your purse strings.
In addition, budgeting is a challenge and no matter how much you make, you seem to spend it all. Where does all that money go and how can we learn better to save for that rainy day? The best method is to trick your pocketbook. You can do this easily with auto savings accounts.
Have you seen the latest ads for the debit card that rounds each purchase up to the next dollar, placing that spare change automatically into a savings account? Pretty cool, huh? The concept is to take a small amount out of each purchase before you notice it is gone. Then stash it out of the way… allowing you to forget it is even there.
Another idea is to have your bank automatically withdrawal money from your paycheck each month and place it into your savings. Almost like a forced savings plan, similar to many retirement accounts. You then formulate a budget on that lower amount, essentially allowing it to disappear from view and your checkbook.
There are a variety of auto saving accounts and a quick visit to your bank will open up the door to all the possibilities. Find a set up that works best for you and get going!
Wait… don’t run off just yet thought… there is one more step just as important. Once you have created an auto savings account, you need to hide it from yourself! This will depend on your willpower… but one idea is to not allow the account to be accessed from an ATM. You can also place the money in a secured account like a CD that has a penalty for early withdrawal. These two ideas will hopefully prevent you stealing from your own savings.
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