Welcome Back to MoneyHugger!
Today I’ll talk about saving money. If you want to be a true MoneyHugger then you have to keep your money. In my life I’ve noticed that if I have easy access to my money I’m going to spend it and pay little attention to where it goes.
Easy Access
- Don’t PIN your ATM.
- We pin our bank cards so we can swipe it anywhere we go. Those $2 and $5 charges throughout the day and month add up. You remember the commercials say “for the price of 1 cup of coffee a day you can support (insert cause here)”, because it’s true. So I’ll say save the price of one cup of coffee a day and you will be well on your way to keeping your money.
- Create a separate bank account
- When you create a separate bank account do it with a bank that you can’t easily walk into and withdraw money. I mean you need to have access to it for an emergency, it’s just going to take you some effort to get to.
- Set up the direct deposit into the separate account. If you don’t see the money on your check, or have to manually move it to the account then it will be easier to save. You know, just like the taxes that are taken out. I would have a real hard time paying my own taxes if I had to each check.
- Put money in your personal safe
- Each paycheck take the amount you want to save, in cash, out of the bank and put it in a small, affordable personal safe in your home, like this one. If the money doesn’t reflect on your statement then its easier to forget about it. It’s also close by in case of an emergency.
MoneyHugger 