2. Automatic savings. Set up an automatic transfer into your account. If you get paid direct deposit, have the bank take a percentage or set amount from your check. It will do it automatically so you won't even miss it. Set the automatic transfer at the beginning of the month or on your pay day!
3. Pay Yourself first! With all of your income, pay yourself first. Put 10% into your savings account before you count it as your disposable income. Creating this habit will allow for your savings to grow quickly.
4. Save the Change. Similar to Bank of America, place the change of what you spend into your savings account. If your bill is $15.75, place 25 cents in your savings account. Easy as that! Your change will really add up!
5. Mobile Application. Sign up for your bank's mobile application to have easy access to your money. Connecting your accounts on the app allows you to make transfers to your savings in no time.6. Invest. Once you saved enough, invest it! Try stocks or a mutual fund to allow your money to keep growing! Don't waste all the money you saved on nothing that will have no worth down the line.
Whenever your receive new income, place a small percentage in a savings account for a rainy day. Pay yourself first! Creating an automatic transfer will allow the money to deposit into your account without you thinking about it. Learn to create a habit of saving by doing these tips daily!
Dopefully,
Shanika
