Tips for Savings
I’m in total save mode right now because I’d eventually like to buy my own house and kick off these renting shoes. Here are a couple techniques I use that help me:
- I printed out a label that says “house” and put it on my credit cards. This reminds me of my goal every time I use those credit cards and makes me think twice.
- When I created my budget, instead of deciding on an amount to save each month, I decided on a reasonable but limited amount of monthly discretionary money, and automatically transfer the remaining amount into savings.
- I use ING Direct for my checking and savings accounts to earn the highest interest possible for a non-CD account. Unfortunately, it’s hovering around 3% right now, but it’s usually around 4%.
- I have two checking accounts: one gets my groceries and gas budget, and when it’s empty, it’s empty; and one gets my spending budget—again, once it’s gone, it’s gone. By having two checking accounts — which I know sounds crazy — I ensure that I don’t mix the two and end up spending gas money on drinks, etc., which I was occassionally doing before I set this up.
Good luck!
alissa