How To Get Your Kids To Start Saving
Last week we took a look at an easy way to track your spending. With a little bit of review time, you now know what you spend your cash on. Chances are, there are some loose ends that could stand a little bit of tightening up!
If you found a few spare bucks in your weekly budget, now is the time to do something with them! If you’re anything like me, any extra cash that stays in your chequeing account gets spent… quickly. For me to actually save money, I need to make sure I get it out of my account as soon as possible (and into a different savings account, a debt payment – or even a piggy bank with a sturdy bottom!).
There one problem with this thought… I’m incredibly lazy. Even though it’s only once or twice a month, it’s difficult to have the discipline to set aside money each and every paycheque.
The solution:
Automated savings: it’s a wonderful concept. Most online banking systems offer it, and have phone reps, live agents and website FAQs to tell you all about how to use it! Basically, you check a few boxes and enter the amounts, and then let your savings account and chequeing account work together to save you money!
Here’s how it works:
Set aside a pre-determined amount from an upcoming paycheque. Whether it’s $1, $10 or $1000, it doesn’t matter. The important part here is actually doing it. When you’ve set aside this amount, go ahead and set up the transfer – this entire process should take 3 minutes or less. Instead of setting the transfer for ‘one time only’, select ‘monthly’ or ‘bi-weekly’. That’s it. Remember earlier when we talked about being so lazy? That same laziness is going to help you know.
After setting it once, it takes WORK to go in there and turn off the flow of savings. You get used to it, trust me. If you time it right and the money is withdrawn right after you get paid, you won’t even notice that it’s missing.
You can schedule this for debt payments as well – online banking is flexible and built for this type of activity. Don’t miss another payment and get on the automated track to debt freedom!
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