Saving Up: 5 Tricks to Building Your Bank Account
Wednesday, June 14, 2017, 6:00 PM | Leave Comment
It’s never too late to commit yourself to save more money in your bank account. It’s a sound way to provide yourself with a cushion when you have times of trouble.
You’ll be able to take care of your obligations. Extra money will help you to do what you enjoy most. Most importantly of all, you can prepare for a more comfortable life in the future.
Follow these five tricks to build up your bank account.
-
Pay Yourself First
Before you pay all of your bills, you need to set money aside in your bank account. As a rule of thumb, try to put ten to twenty percent of your paycheck in a savings account. If you can’t save that much, pick an amount you can spare and be faithful about it. You can even set up an automatic deposit through the bank to make sure it happens.
-
Eat in More Often
Instead of eating out or buying lunch at work, eat in. Pack a lunch. Figure out how much you are saving and put that in your bank account. You’ll see the balance creep up day by day.
-
Save your Change and Ones
Empty your pockets when you get home every day. If you have any loose change and single dollar bills, put them in a jar. At the end of each week, deposit that money in your savings. You’ll be surprised how much it adds up.
-
Put Paid-Off Loan Payments in Your Bank Account
When you pay off a debt, it is a great relief. That credit card, bank loan or car payment is finally gone. However, try taking that amount you were accustomed to paying and put it in your bank account. You won’t believe the difference it can make.
-
Prepare for the Unexpected
No matter how cautiously you plan, life has a way of throwing a curve ball sometimes. If you are struggling to raise the amount you have in your savings account then having a separate emergency fund may not always be feasible. One way to make sure that you are ready to handle whatever life has to throw at you is to find ways to recuperate the finances.
For example, if you are ever involved in a car crash which could cost you a significant amount in repairs or medical bills, you could consider hiring a personal injury attorney to help you mitigate the cost to yourself. Coming up with a contingency plan for a variety of situations can be a great way to keep yourself prepared.
Be creative and dedicated about finding ways to put money in your savings. Whether you always save half of money given to you in a gift or set aside any extra money in your paycheck, every little bit will make a difference.
The longer you stay committed to building your savings, the better your results. In the end, you will be financially stable when you save.
Throw us a like at Facebook.com/doable.financeAuthor BIO
Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max.
