Happy New Year-Start it off on the right foot!
New Years resolutions anyone? One of the best one’s you can have is: Starting a savings account if you don’t already have one. I like to call it paying myself!!! I put 15% of my take home pay check into my savings account. It’s so easy, I have my employer who has electronic deposit, put the amount directly from my check into my savings account. The other goes into my checking account. Once you start doing this you will not miss it.
As it accumulates, you can decide what you want to do with it. At the end of the year or when you get enough in it you can invest it, you can use it to pay down your debt in a bigger way,you can use it for a down payment, you can use it for a big purchase you have been waiting for–the opportunities are endless.
Now I am not saying you all have to take 15% of your check, but you should definitely take 10%. Believe me, once this is done just a couple of times you are not going to miss the money. You will thank me, and you will feel good about having paid yourself first.
If you don’t have electronic deposit, that means you have to go to the bank to cash or deposit your check, your bank will help you set up a savings account and they can automatically put a certain dollar amount into your savings account from your checking on a specific day.
Good luck with this and all your resolutions for the year.
Feel free to share some tips on how your saving.