I have been really working on Dave Ramsey’s first baby step, getting $1,000 into savings. I had been making excuses for too long and wasn’t making the effort I needed to, so I decided to write a little about the lazy ways we can all (especially me!) add to our savings without making too much effort. It’s not that I don’t think savings is worth the effort, because I know it is, but I am a very busy person and I just forget until after the money is spent and then I’m kicking myself because I know I should have done better. Again.
If you have a regular paycheck that gets direct deposited, have it taken out of your paycheck so you never see it. If you are like me and don’t get a regular paycheck, then pick one of your sources of income and split it, depositing some into your checking and some into your savings. If it’s never in your checking account, you won’t miss it nearly as much, I promise! I did this with a few of my income sources. Most of my money comes through my PayPal, so when I see the payment come through I transfer the money into savings before I move it into my checking account so I can pay bills.
This is easy for me because I am already transferring my money out of Paypal, so I just transfer the money into two places. It’s a few clicks of the mouse extra, but super easy. This is the biggest way I have increased my savings.
If you don’t have automatic deposit, or if you’re already doing that then you might find it a little easier or more convenient to setup a contribution to your savings account as an automatic transfer that comes out every month with your bills. Mark it on your calendar so you don’t forget! I do all of my bills on one day, the 15th of the month to keep things simple. It’s easy to just setup the bill and know it’s going to come out along with the other things I have to do.
Hide your savings account from your online banking view. I know you can do this with a lot of banks. It not only hides it from view in your browser, but also in your mobile device. Out of sight, out of mind. You won’t be tempted to spend it if you don’t remember it’s there. This might not increase your savings directly, but it will make it harder for them to decrease next time you want to go out to eat
Do you have money in savings? If so, how did you build it up? Leave a comment and share how you made it easier on yourself!