Trust me, I know how hard it is to save money. It can really be a struggle, regardless of how much you earn every week.
It seems like there’s always another bill to pay or something breaking down and needing to be repaired or replaced. And then there are all those tempting “impulse purchase” items screaming out to us every time we’re standing in a checkout line!
It’s a simple fact of life: Any time we have money in our pocket, it’s likely to get spent.
Well I’m going to tell you about a simple way to save a portion of every paycheck without ever really missing that money… Simply split your paycheck’s direct deposit between your checking account and a savings account!
Your company’s human resources or payroll department can help you set it up, and it should only take you about 10 minutes or so.
All you should have to do is open a new savings account (if you don’t have one already) and then ask human resources for the form you need to fill out. It’ll take you just a few minutes and then you’re done!
I know you might be thinking that you’re barely scraping by from paycheck to paycheck now, so there’s no way you could ever make it without your entire paycheck.
Back when I was working for a salary I thought the same thing, but I decided to take a co-worker’s advice and give it a try anyway. I quickly discovered that I didn’t even miss the “missing” portion of my check.
Admittedly, the “missing” portion wasn’t much ($35 out of each check back then), but I still managed to save enough to make a good-sized down payment on a new car when my old on died on me a couple of years later. If I hadn’t had that extra money stashed away I would have been in a world of hurt!
Straight to the point, I found that having a small portion of every paycheck deposited into a savings account truly is a painless way to save for my future.
Bottom line: I’m sure you’ve heard this sage advice before: Pay yourself first! Give it a try and see if it works for you as well as it did for me!
Bonus tip: This post explains how to save up an emergency fund – a few cents at a time!
Image courtesy of Mark Graff.
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