Easy to Save, Hard to Spend

Here is a tip to help to make it easy to save money. Set up a savings account at a local bank that is different than your current bank. Then set up an allotment through MyPay to have a monthly savings amount deposited into your new account. Decline to have an ATM card and do not set up an online account.

This will make saving your money automatic. If you want to spend your savings, you will need to physically go to the bank during business hours and withdraw the money. By having this extra step, you may look for alternative ways of paying without using your savings, or you may decide you don’t want to buy whatever it was by the time you get to the bank.

Use this strategy to save for a car or a house to prevent yourself from spending a little here and a little there. Open a dedicated savings account specifically for your car or house fund so you can visually track your progress and separate it from your everyday spending money. Automate your savings by setting up a recurring transfer to this account every month or paycheck, which makes it easier to stay consistent and resist the temptation to use the funds elsewhere. As you build your savings, you might want to explore concepts like what is FIRE movement (Financial Independence, Retire Early) to understand how disciplined financial habits can help you achieve bigger goals faster.