If every time you transfer money into your savings account, you’re actually transferring it into “New York Trip” or “Car Repair” or “New Dishwasher,” you’re more likely to keep the money where it belongs. It’s not easy withdrawing cash for a pizza delivery when you have to take it out of “Emergency Vet Visit.”
Don’t forget to plan. Set up a personal budget in digital banking with existing categories (or add your very own). Create rules that place certain expenses into categories. Stick to your budget and move any money you don’t spend each month into your savings account. Things will add up fast.
This goal starts at home. Once a month, go through your kitchen, pantry or closet and make a list of what you’ve got. This makes it easier to create lists of what you need and keeps you from buying things you don’t need (like a sixth jar of marinara sauce but no noodles, or another striped shirt).
Set your savings on autopilot. Use the pay and transfer tool in digital banking to move money easily between your eligible accounts. You can set up one-time transfers or schedule recurring transfers, which make it easy to set and easy to track (transferring $1 each day from your checking account to your savings account would save you $365 a year).
Absence makes the heart grow fonder. Each week pick one thing to do without. It can be coffee, going out to eat, happy hour or shopping. Cutting out a different thing each week helps you become more aware of where your money goes.