Since the day we were able to think, someone always said savings is very important! We heard words like, “If you don’t save 10% of your paycheck every week, you will never survive.” Well, the bottom line is, if you don’t have savings, you don’t have stability! In today’s world, you should have at least six months worth of bill paying money in your bank account.
It should be collecting interest and only used in emergencies. One of the ways to save on a regular basis is to direct deposit your paycheck into your interest bearing account. You then transfer just enough money into your checking account to pay specific bills and buy the groceries. The rest of the money will continue to earn interest and be there when you have an emergency.
Another trick is to pay you, first, every paycheck. When you are writing checks to pay the bills, actually write a check to yourself and deposit it into another account that is earning interest. You will be surprised how quickly your money grows. Last, but not least, put all of your change in a jar every night. When the jar is full take it to the bank and put it in your savings account. It all adds up!