Save Your Money Monday: Grow That Savings Account!

CICELY MITCHELL
(Photo Credit: ADEK BERRY/AFP/Getty Images)

(Photo Credit: ADEK BERRY/AFP/Getty Images)

Many of us have a savings account but are perhaps not utilizing it as the name would imply. Are you saving money in it or simply using it as a account that houses your pay every two weeks? Learn ways you can actually save money in your savings account!

1. Pay You First
Instead of making your savings account some dormant account and completely forgetting it, consider treating your savings account deposits just like another bill that you must pay. The difference with depositing money into your savings account is that you are paying you! If you receive your pay checks in your checking account, force yourself to make a small transfer of money from our checking account into your savings account and as my granddaddy used to say: “jussss leave it be!”

2. Use Unexpected Girts To Increase your Savings! Perhaps you got a bonus check from work or you came into a small inheritance. Regardless of the amount, consider placing all or most of that money into your savings account. Cash gifts for your birthday or other holidays are great opportunities to place money into your savings account and in terms of that money, “jussss leave it be!”

3. “Pretend” Your Debt Is Still There Chances are you looked at the title of this point and thought I had lost my marbles. Here is what I mean: I paid off my SUV earlier this year. After jumping for joy in the parking lot of the bank, I still took that $300 monthly “pretend” payment and placed it in my savings account for about three months. This is a great practice if you are wanting to make what call a “lifestyle big payment” such as another car, a home or something else that is huge. You may even be planning a trip overseas or a cruise. Place that money aside, even if it is for a few months and do like granddaddy would say … (all together now…) “jussss leave it be!”

4. Leave it Alone Have you ever touched something and you kept touching it and touching it and touching it until you had ruined it or it had dissolved? Consider your savings account the same… leave it alone and “forget” it is there… “jussss leave it be!” RIP To Grandaddy for that sound advice.

Do you have additional ways you save money in your savings account? Share them with us as you enjoy related video below!

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