Out of Sight, Out of Mind – How to Build your Savings Fast!
Tuesday, May 21 2019
We’ve all heard the saying, “Out of Sight, Out of Mind,” but can it be true for our savings too? The answer is, absolutely! If you’re anything like me, if I see it, I spend it. So, put your money somewhere that’s not accessible to you. In a world of VISA Debit Cards and Credit Cards, it’s easy to overspend. Not to mention that most Americans aren’t even using a tool to track their spending; that’s scary!
If you don’t have an Emergency Savings account for when life happens, you’re not alone. According to CNN Money, over 40% of Americans don’t even have $400 saved for emergencies. This can be a huge problem, especially when the average deductible for insurance is $1,000.
So, how do you save without spending it? Open a savings account that isn’t easily accessible and make sure you never set up online banking so you can’t see the money. Get with your HR Department and set up a portion of your check to go directly to that savings account. Start with 10% of your pay, if possible and work your way up! If you can’t afford to do 10% any amount will help, just start somewhere! Having an emergency fund will help give you peace of mind so you’re ready when life happens.