4 Tips to Lock your Savings

Sep 15, 2021 | 0 Votes by Justo - rate Your vote
Nowadays, having a savings account is an absolute must if you want to be a responsible adult; you got to control your incomes and save for retirement as soon as you start making money but, how to make it work? Ways to Finance - 4 Tips to Lock your Savings

Nowadays, having a savings account is an absolute must if you want to be a responsible adult, as you got to control your incomes and save for retirement as soon as you start making money. However, not touching the money in your savings account can be quite difficult for lots of people. In this article, we are going to share with you some pointers to keep your savings inside your savings account.

Open a savings account in another bank

This is rule number one for not touching your savings and actually achieving your goals as if you share an ATM card between your day-to-day account and your savings account, you are going to use those funds at some time. In order to get rid of temptation, you need to put your money in some inconvenient location. If your money is difficult to reach, you won’t be able to spend it, hence saving it.

Destroy your savings account debit card

You have placed your money in an inconvenient location away from your greedy hands. You now need to cut the debit card from your savings account. If you are walking around with that debit card in your pocket, you will use it eventually, therefore, cutting it will help you avoid the appeal of having some extra cash. Another thing, you need to stop thinking of it as extra cash because for practical purposes it’s like it doesn’t exist.

The best way not to touch your savings it's to forget they are there in the first place. There are mechanisms you can set up in advance to draw the money automatically, as if you don’t do it yourself you might not miss it. The outcome will be a chubby saving account that you can depend on in case you need the money for an actual emergency. You might think this is like treating yourself as if you were a child, and you would be right but it actually works, therefore, don’t judge the process just be happy about the results.

Don’t save more than you need to save

This might look rather contradictory considering what you just read, however, it follows the same trend of thought because saving doesn’t need to be painful. Think about it like losing spare change now and then, as if you miss $100, it will be quite annoying. If you are putting too much money into your savings account, you will end up using it. The best strategy is not noticing that is actually happening.

Use your credit card more often

That just looks like awful financial advice but it’s not we promise. Don’t make a habit of using your credit cards to do groceries or anything like that, however, if something unexpected comes up you can use your credit card and pay it back later. The problem with using your savings for contingencies is that you’re going to keep doing it and you won’t pay back the money.

Being more responsible with our finances isn’t a fun roller coaster but we need to do it if we want to get somewhere, as not having any savings could potentially delay your goals and ruin your life. We are not trying to scare you, but you really need to start saving some money.

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