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Direct Deposit

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I work in a financial institution and have my paycheck go to a checking account at another institution. I also have additional money deposited to a savings account and a Christmas club there. My theory is out of sight, out of mind--I never touch the savings account or the Christmas club!

- Submitted by VTMAID 6/2/2010 in Saving Money | 5 Comments

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Member Comments

ANGELCOWBOY1 5/25/2011 7:34:00 AM

I also direct deposit to my checking - then auto transfer from there to a savings, Christmas Club and a 'get away' account. Adds up pretty quick. Agree - out of sight, out of mind.

CHERIBERI 6/2/2010 1:14:00 PM

Ditto! I do direct deposit into 3 separate accounts but have 4 total accounts. I direct deposit into my own checking and a joint checking with my husband for bill paying and the third direct is at a bank that I don't have easy access to. Their branch office is a thirty minute drive from my house and I don't have an ATM card for the account. With that money I was able to go on a vacation with a girlfriend of mine (much needed mommy break). The fourth account is a savings that gets just a $10 a month auto transfer from my personal checking account (I think I originally had to set it up that way and just never changed it). It's easy to access but I never do, kind of my safety net if the bills start to stack up too high.

LADY_KATHY 6/2/2010 1:03:00 PM

I do the same thing. And as a also get paid on 10 month instead of 12 and put $2000 into a summer saver account which is earning 4%!! If I need it prior, there is NO PENALTY to take it out and I still earn HIGH interest in a regular savings account. Try getting that from ANY CD.

HUNNYBROWN3 6/2/2010 9:56:00 AM

I have trouble keeping my hand out of the savings cookie jar. Even after direct deposit into the account.

FITNESSFREAK10 6/2/2010 8:49:00 AM

It is good strategy . I too do this.

Related Secrets

GIVE YOURSELF A FUTURE'S RAISE.

OPEN A SAVINGS ACCOUNT DEDICATED TO FUTURE EVENTS. HAVE 10% OF YOUR PAY CHECK GO DIRECT DEPOSIT TO THAT ACCOUNT. THEN WHENEVER, YOU GET A PAY INCREASE "RAISE" THE AMOUNT OF YOUR DIRECT DEPOSIT BY THAT EXACT SAME AMOUNT. RAISES DON'T BE THAT MUCH ANYWAY. 436336149

MORE INFORMATION:
THE FUTURE WILL BE HERE BEFORE YOU KNOW IT.

- Submitted by JAYWAY 6/2/2010 | 2 Comments | View Secret

Direct Deposit

Most jobs allow their employees to enroll in Direct Deposit for their paychecks. You can typically add up to 3-5 different accounts. I get a set amount of money from my paycheck automatically deposited into my savings account each month to build my emergency fund and I don't touch it. This way I KNOW that I'm saving money.

- Submitted by SHAUNTEMC 6/2/2010 | 1 Comments | View Secret

Quick fix

I'm sure it's been said but setting up an auto-transfer is a great way to go. It's easy to know that on pay day $x.xx is beign transfered out that it becomes out of sight, out of mind. If you have direct deposit and your work offers to deposit to two diferent accounts, this is even better because it's hard to miss what you didn't even see.

MORE INFORMATION:
If you have a good budget, another great addition to this is at the end of each paycheck, transfer the extra funds that were not spent over to savings.

- Submitted by KATIELAUREN19 6/2/2010 | 0 Comments | View Secret

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