Cash 1 Blog
Save Money With a Savings Account
You know the old expression; “This money’s burning a hole in my pocket!” Most of us tend to spend money if we know it’s within easy reach and we like what we’re seeing right in front of us. It’s kind of a way of life in some cases; get it while you see it because next month it might be gone. Worse still are those times when we actually experience the ”I should have bought that last month” situation. You could almost call it ‘non-buyer’s remorse’.
Still, most of us know we tend to get what we need most of the time, when we have the money and so forth. But there’s still that factor of ‘I know I have a little extra cash in the bank, maybe I should get something for myself.’ OK, we’ll stop making up names for common situations here, but we’re pretty sure you get the idea. It’s virtually impossible for a lot of us to just leave money in the checking account. There always seems to be an important reason to spend it, even when we know we don’t need to.
So here’s yet another money-saving tip that just might help you hold on to a few extra bucks a month.
Two words: savings account.
Not such a revolutionary idea, you say? Maybe. But did you know most banks that allow you to direct-deposit your paycheck will actually allow you to split it and direct-deposit it into multiple accounts? That could be a very valuable tool to save money, even if it’s what you would consider only a few bucks a month.
If you open a checking account at the bank where your paycheck is deposited directly, you could designate either a percentage or fixed amount deposit into the account for each paycheck you earn, and if left untouched, that money can build up a lot quicker than you might think. The hard part is leaving it alone, and even then you can take your savings statements and file them with your important papers without even opening the envelope (assuming you’re the type who trusts your bank to accurately keep track of your deposits); out of sight, out of mind.
Depending on how much you split off into your savings account, it will be tempting to access that money before you’ve had a chance to use it for its intended purpose. Do whatever it takes to just let that money build up and earn interest (always a higher rate than checking accounts).
Want to make the process a little easier? Earmark that money for something specific; a vacation, automobile purchase, or even a down payment on a house. This way you will feel like you’re saving for a purpose, and not just tucking your money in a virtual mattress. We understand, saving money for the purpose of just saving money can sometimes feel futile, but then come those rainy days and it turns out we don’t have to put that replacement car battery on the credit card.
If you’ve had trouble saving and find yourself a little short this month, come see us at CASH 1 for a Nevada Title Loan or Arizona Title Loan. We’ll help you get back to saving again.
Joseph Priebe takes pride in assisting audiences with his articles to help them make sound financial decisions.
With over ten years of experience writing financial content his goal at CASH 1 has always been creating engaging and easy-to-digest information for anyone searching for immediate or long-term monetary solutions.
When Joseph is not writing about personal finance, you can find him photographing the Southwest United States with his 4x5 Graflex Crown Graphic camera. He is based in Phoenix, Arizona.