Quick savings tip - try an automatic savings account
I wish I could remember where I read this; but I don’t. I do however remember the tip. I was reading some book-magazine-newspaper (?) and it noted that studies surrounding saving money, show that folks who create a monthly automatic transfer of funds from their checking to savings, save more over time then people who use sheer willpower to transfer funds.
So you could go it alone, and transfer money each month, or you could set up your checking account to automatically send funds to your savings account, and possibly save more. It’s worth a shot.
Have you tried this?
Tags: automatic savings, checking account, money trick, Save Money, save more, save more money, savings accountRelated Stories
POSTED IN: Finances
3 opinions for Quick savings tip - try an automatic savings account
elkit
Aug 13, 2008 at 5:00 pm
Yes, I’ve been doing that this year, and I am always pleasantly surprised at how much money ends up in my savings account. Works for me!
evi
Aug 14, 2008 at 12:00 am
I’ve been having that for years - I have four automatic savings accounts: one for my car, I pay for insurance and repairs out of it, one for once-or-twice-a-year-payments like the heat-electricity-water-bill, church-membership, one for vacations and one for actual savings. The first three are paid into automatically, into the fourth one I pay at the BEGINNING of each month what I can spare (I get differently paid each month and have a set amount of how much I may spend - the rest gets saved).
It’s really wonderfully working for me - no worrying that I won’t be able to pay for my car/heat/water, and there’s also money for vacations or other splurges. ;-)
I live in Austria, saving accounts are free here, so it’s pretty convenient to have several of them - and for me it’s much easier staying on top of things…
Jennifer
Aug 17, 2008 at 7:37 pm
@Elkit good I’m glad to hear it works for someone here.
@Evi wow, that’s a lot of savings accounts. But it sounds like you have them divided up in a manageable way, so if it works for you, that’s cool. You can get free savings here, but many banks require a minimum balance to keep it free.
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