Wednesday, October 16, 2013

Use Separate Bank Accounts For Savings

Previously, I only have one savings account (my salary, my savings and my expenses). I used to put all my money in one bank and would withdraw from it from time to time when I needed something to pay. I thought that it would be easy and convenient to have only one account. Whenever, I have some extra money in my savings account my mind keeps on thinking what else to do, what things to buy, etc.  I know savings is important but I'm not helping myself to save.

One year passed, having one savings account didn't benefit me. I can't save more money and it's hard for me to limit my spending habit.

As a solution, I decide to save money in a different savings account with purpose.

Months passed and I am so happy to see little by little my money piles up. By having a separate bank account I can clearly see how much I already have (thanks for Internet banking) and how much longer I need to wait to reached my goal.

When you receive your salary, pay yourself first add it to your savings account. Don't combine your expenses into one savings account because you’ll be tempted to spend the money instead of saving it. Plus, mixing in savings with expenses is confusing.

There's more options to save, you can set up automatic deposits or transfers into an account to accomplish your goals faster. By doing this, you are assured that part of you're income goes to you're savings. I'm using automatic deposits to pay my insurance monthly.

If you still have one savings account, I encourage you to open a separate bank account to reach your financial goals. It beats the worrying and constant calculations in mind. Don't estimate, do your budget and savings must be your priority. If it's too difficult for you to save more, take baby steps. The important thing is you are developing the habit of saving and there's many ways to do to help you achieve your goals.


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