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Step 1
It’s easy to put money in the bank through your regular bank account, but it is also easy to take it back out. Because of this, it is good to get an online savings account. The online savings account will be separate from your regular account so it will be more difficult to take money out. Plus it will be out of sight out of mind.
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Step 2
Take a certain percentage or a flat amount from your regular paycheck. Make sure this is not so much that you are not going to make your bills. $20 or $100 or 5%, it doesn’t matter as long as you do it. Put this money in the online savings account every time you get paid.
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Step 3
Try to make some extra cash. You can make money in your spare time by writing articles just like the one you are reading. For more information on this check the link in the resources section below. You can also make extra cash by babysitting or doing yard work for neighbors of the weekends. Some people even pick up a second job to try to put money in the bank.
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Step 4
Cut back on luxuries. This is a great way to put money in the bank. Think about it. If you get rid of the movie channels on your cable bill, that could save $20, $30 or more a month. Do that and then immediately begin to put that money into the online savings account.
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Step 5
Don’t look at the online savings account regularly. Look at it like every six months. This way you don’t have it lingering over you, challenging you to pull it out and spend it. When you don’t look at your balance all the time, it gets easier to forget about it.
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Step 6
Make a goal. When you reach that goal, make a new one until you something that you need to spend the money on. Make sure it is something that might yield a return like a car or a house that you are saving for.
Comments
SimplyCuttings said
on 1/1/2009 Very good advice.