Tips For Savings Accounts

Having money set aside for the rainy days is a very important thing. Just the fact that you are secured if suddenly you lose your job or something unexpected happens is a very important thing.

There are as many Americans who have money saved for rainy days as those who haven’t, and if you’re one of those who have nothing set aside, read this article and it may help you organize better and actually save some money.

The most important trait when it comes to saving money is discipline. A lot of people don’t have anything saved simply because they aren’t used to saving. But it can change easily.

If you want to save some money and put it aside in your rainy day fund, you can do it without even thinking about it. You can put your money on auto pilot and don’t worry about having to put money aside each month.

So here’s how you do it

If your employer is regularly paying your salary to your check account, you can ask him to set aside a certain percentage of your salary and send it straight to your savings account. This way you won’t have to worry about it and it will grow larger each month.

Besides having a part of your paycheck go into your savings account each month, you can add all of the ”found” money to it as well. By found money we mean money you won on something, a lottery or a gambling game, something that is not coming to you regularly each month.

 

It can also be your tax return money or simply a 13th paycheck. Anything you get besides your paycheck should go into your savings account.

Another thing you can do is this. Let’s say you’ve taken a loan from the bank to buy a car, and you’re paying said loan each month. You’re setting aside that money for a couple of years and you’re not even paying attention to it because you know it has to go for the car. Now after a few years, you’ve paid your debt in full, why not put the exact amount of money aside each month for your savings account?

You haven’t used that money in the past and you lived comfortably without it as well. So now, treat it the same as you did when you paid your car debt and pay yourself each month that same amount.

Remember this

Important thing to remember is that when you’re having a savings account with a lot of money in it, that savings account is working for you. It’s growing by itself each month – money making money. Don’t be greedy and take away that low interest you’re getting on your savings. Leave it as it is and after a few years, your interest will grow a lot bigger since it’s not exactly linear. The more time passes, the more money you will be getting each month.

After reading all of this, why not give it a try.