Does it seem that everyone around you knows the secret to saving successfully except you? It’s not unusual to feel unsure about saving, no matter how much money you earn. Confidence doesn’t necessarily come with having a lot of money. Rather, it comes from building healthy financial habits and using the resources you know are available to you – this is your financial confidence!
A great way to start building your financial confidence is to set up automatic savings. When you are saving a dedicated amount of money every week, month, or some other regular interval, you can begin to feel a sense of control over your saving habits. Whether you are saving just $5 or $10 a month or more, it’s the fact that you’re doing it automatically that is important.
Saving automatically is the formula for successful saving for anyone – including you. Getting started doesn’t have to be a hurdle either. Consider which one of the following two strategies would work best for you and follow the steps we’ve outlined.
- Open a bank account if you don’t already have one and set up direct deposit. It is cheaper, safer and often a quicker way to get your money.
- Instruct your employer to split your directly deposited paycheck into two or more accounts at your financial institution with one account being a dedicated savings account.
- Direct your financial institution to automatically transfer money into your savings account. One example is $25 on each payday.