I set up an online savings account that is tied to my checking account. I have an automatic transfer each month into the account. Because it's an online account, I can't get to the money quickly or easily. If I withdraw money, it's because I really need it. The interest rate is higher also!
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When I receive extra checks, such as reimbursement or other refund checks, I put them directly into my online savings account. I benefit by saving the money rather than spending it and by earning a higher interest rate than my local bank. Those small checks add up quickly and so does the interest!
I get paid by direct deposit and on payday I check my account online. Looking at the balance, I transfer any money left over from the previous payday into a savings account; even if it is only $20.00. You will be surprised at how fast this can add up. my savings account is actually a tax-free account where I can stash up to $5000 without paying taxes on it. Nice! 48
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