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Automatic Savings

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I have money taken directly out of my checking account on the day I get paid and deposited into a savings account in another town. That way it is harder to get to and spend on things I don't really need.

- Submitted by BIKERBABE2BE 4/22/2010 in Saving Money | 4 Comments

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Member Comments

BUDIES31771 4/23/2010 9:05:00 AM

I also do this. I have some go into our savings, and some go into a christmas account!

DGRAZIA 4/22/2010 8:34:00 PM

I have a savings account on line with IN. The amount of interest is always far more than any other bank, in spite of the % rate being down this year. It takes several days to do a transfer, so it is never missed, accumulates a lot of interest, and it is a nest egg for big price items.

SUNSET09 4/22/2010 8:25:00 PM

I do this as well and actually have my savings account in another state, so it's not easily accessible. It makes me more discipline and conscience of my spending habits. I stay away from ATMs! Thanx for sharing!

STORMTMB 4/22/2010 6:05:00 PM

I keep an account open in the credit union in my hometown. It's not easy to get the money, but I have it automatically transferred into my savings from my paycheck. It works wonders.

Related Secrets

Set up Automatic Savings Plans

Set up a savings account that allows automatic savings plans (ex: ING). Set a certain amount of money to transfer to your savings the day after every payday. If it's not in your checking account, it's not as tempting to spend it. It may help to have a goal (next house, car, etc.) for your savings.

- Submitted by BEEZLES 4/22/2010 | 6 Comments | View Secret

Automatic debit to ING

I have an automatic debit from my checking to ING Direct (savings). So many times I tell myself I'll put money away if I have it left at the end of the month and then I don't end up doing it. By making it an automatic debit, I know it will get done. Also, by using ING Direct (great rates by the way), I cannot easily transfer it back into my account to use (takes 1-2 business days).

- Submitted by JLSTOCKWELL 4/22/2010 | 5 Comments | View Secret

same as losing weight

Saving money is just like losing weight, realizing several little changes add up to a big change in the end. Plan ahead and budjet just like you track nutrition on here, make several small changes like cutting out a few small expenses or finding a way to save on other things, like coupons or packing lunches, then those savings go into an account and add up in the end. If you like this site planning meals and fitness workouts, same thing to make savings automatic from your paycheck 306

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- Submitted by JBUF77 4/22/2010 | 0 Comments | View Secret

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