I have always been horrible at saving my money. I hold the mindset that I can't take it with me so if I want something, I should get it. When I turned 26, with graduation and my student loan debt coming for me, I decided that I really needed to kick it into gear. Below are some tips that I've found useful in saving.
Have More than One Bank Account
I have a handful of different bank accounts that I use for different things. One I use for spending, another for paying bills and a third for saving. I try not to ever look at the one for saving in an effort to not spend it. Now obviously you don't want to have twelve different bank accounts because that will be a lot to take care of. I would say keep it to a minimum or two or three.
401K
I mentioned it before in another Five on Friday but for the love of your retirement, sign up for your 401K. You'd be surprised how quickly the money will add up and you'll thank your young self when you're pushing 65 and looking to become a snowbird.
Direct Deposit
If your company offers it, set yourself up with Direct Deposit. It makes things a lot easier if you don't have to go to the bank and be tempted to take out extra money.
Credit Cards Can be the Devil
Don't be tempted to open a credit card at each of your favorite stores. That's one trap that I fell into and now I am working to pay them all off. Let me tell you, it takes a LONG ASS time. Save yourself the trouble and avoid opening up any if you don't have to. If you do, find ones that have low limits.
Remove Automatic Credit Increases
If you are someone that has credit cards, call them and ask them to remove any automatic credit increases. This will keep you from building up a $5000 credit bill before you know it. It's all psychological. If you have a high credit limit, you'll be more tempted to use it.
Happy Friday all!
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