I am a HUGE fan of savings accounts. I am an even HUGER (I made up that word) fan of savings accounts with money in them!
Here are some proven strategies for piling up HUGE CHUNKS of money in your savings account:
- Save the “magic month” paycheck If you are paid weekly, you normally receive four paychecks a month, but there are four months each year where you receive FIVE paychecks. Budget and live your life on four paychecks per month and you will be able to save the extra paycheck every three months! Paid bi-weekly? Budget and live your life on two paychecks per month, and you will be able to save the extra paycheck during those two magic months each year that you get three paychecks.
- Save the TAX REFUND As a spender, I know that the word “fun” is right in the middle of the word refund. However, maybe the right thing for you to do this year is SAVE your tax refund.
- Automatically send 10% of paycheck to savings If the money makes it home in the paycheck, it is at risk of special magic disappearing acts – even for the most conservative of people. Set it and forget it. You won’t regret it.
- Save the BONUS Don’t spend it – just this once. Put it into savings. It is amazing how great it feels to be able to say, “NO!”, to yourself and put your BONUS into the savings account. It gives you the feeling that you truly are in control of your money!
- Sell something The old RC airplane in the garage just needs to go. So do the bikes that you don’t ride. So does the boat you use once per year – it’s cheaper to rent one when you need it. Put the money into savings. You will end up with an cleaner and neater garage and attic and a plump savings account!
How have YOU saved money BIG-TIME?