Decide how much money you need to get from one pay day to the next. On the day you are paid, take whatever is left in your checking account, plus anything over your normal expenses & place it in a savings or money market account. Let's say your take home pay is $2000 & you figure you need $1800 to get to your next pay day. And say you have $25 left in your checking account. Deposit $225 into savings immediately.. (click title for more info)
That $225 is the difference between your $2000 paycheck & the $1800 needed for expenses plus the $25 left in your account. Then live within your $1800 goal. You may have to give up a few things if you have an unexpected expense, but you can save thousands every year by doing this.
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To help save money put 10% of each pay check in your savings account. Take your pay check and move the decimal over to the left one place. This is how much you put in your savings account to save 10%. It will add up quickly.
When I receive "extra" money or money I didn't expect, it goes into our money market account. "Unexpected money" is what I find in pockets, under cushions or on the street, rebates, bonuses, overtime, refunds, pay raises, gifts & what's left in checking accounts the day before pay day. Along with regular monthly deposits, we always have enough to pay cash for anything we need. (click title for more info)
Once a sizable amount is accumulated in our money market account, we leave enough there for emergencies, then invest in a stock which has been historically stable & pays a good dividend (5 to 20% annually.) Right now most savings/money market accounts pay pathetic interest (1.25% or less APY.)
Every morning, I go on and check my bank account. Whatever is in the .__ spot, like whatever change is left in my checking acct that morning, I transfer it into my savings. That way I have an even number in my checking acct, and I save money.
I have saved $6 so far in about a week... when it is hard for someone to save money because you can barely pay bills, this is definitely a good way to save!!
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