With millions of Americans mostly staying home these days, it’s the perfect time to put away some cash for a rainy day.
You may find it difficult to just “save” money if you’re used to going about your daily routine and spending here and there. But there’s an easy way to accomplish your savings goals.
This article will show you some insightful ways you can save money without any effort at all. The key is to save automatically.
The Best Way To Save Money: Automatically
When we say save automatically, we don’t mean that you need to put forth the effort to remember to move your money around every pay period. We’re talking about setting up your account to make sure you take out money automatically each time you get paid.
Let’s go over some ways to save automatically.
1. Make Sure You Set Up Direct Deposit
The only way you can turn your funds into an autosaving operation is that you set up direct deposit on the same account that you send your paycheck. This way, any money that hits can be distributed to the proper channels you choose.
2. Open A Savings Account
The first thing you should do is open a savings account and pull money from your paycheck to fill it automatically. What you’ll discover is that in a matter of months, you could have a significant stash in a separate account from your main one.
Here’s what to know about opening a savings account.
3. Start A 401(K)
If your employer offers a 40a(k) retierement account, make sure you take advantage of it. Not only are they pre-tax dollars, but 401(Ks) are typically matched by your company.
That’s means if you put in $6,000 a year, you could get up to double that at the end of the year in your account.
Want to get started? Here’s what to know about a 401(k).
Are you trying to become more financially literate? Check out Money Mondays at AtlantaFi.com, where we’ll share strategies to save and make cash.
