Do you find it difficult to save money? Does your paycheck seem to evaporate as soon as you get it in your hands? Well there is one way to stop this from happening. You can have part of your pay deposited directly to your savings.
Determine how much amount you want to be taken automatically from your pay check. Make sure that you save enough so you build a sizable nest egg in time, while you leave enough for spending so you won’t tap into your savings in the middle of the month.
Next thing you do is to send a “voided” check to your employer. This is needed to get your routing and account number. Your employer will be the one who will get the information to your bank.
Once the information is processed by your bank, all you will need to do is wait until the next payday. Check if the amount you requested is extracted from your pay. This should reflect on your payslip. You can also check your savings account if the transfer has been completed. If everything’s good, then expect this to happen every pay day or every month.
Continue monitoring your savings and in no time, you’ll have enough for your emergency fund and then some.
Yes, saving is very important, and your idea about having a part of the check to go directly to the savings account is great. But it’s only the first part of financial success. The second one is to have enough knowledge to make clever investments using the saved money. Everybody of us knows that not all the investments are profitable!
thank you, it was very useful information