What is the best way to save money?… When it comes to saving, we all have our own ways of saving money, and each one of us may think our method is the best possible way of saving cash.
Some people save money by cutting down on their spending habits, or using coupons to pay less for something (although, I personally don’t think of spending less as saving money. Nothing wrong with it, but I just think it’s a marketing tactic used by retailers to get you to shop from them, making you believe you are actually saving money sine you get the product for less price), some people have a piggy bank, others set aside a set amount from each paycheck and so on.
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But what is really the best way to save money (And I mean saving in its true meaning, not spending less)?…
Direct Depositing Into A Separate Account
That’s my answer to that question. It is as easy as opening an account just for saving, then simply setting up a direct deposit for it, taking %5, 10% or whatever amount you can from each paycheck and depositing it into that account.
Obviously, by a separate account I don’t mean your checking or saving account that you use on regular basis, I mean a totally separate bank account or perhaps a 401(k) account.
Direct depositing to a separate account makes saving real money so effortless and easy that it is almost crazy not to do it. But if you are one of those who hasn’t started saving money in this way, perhaps you need to be reminded of the benefits of direct deposits to a separate saving account.
What Makes Direct Deposit The Best Way Of Saving Money
Well, there are a few great advantages to using direct deposit as a way to save your hard earned money.
It’s Easy To Setup
Simply give your routing and account numbers to your human resource department and ask them to set up a direct deposit to your account. Make sure you tell them the percentage you want to be deposited into this account.
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Hassle Free Saving
The money is taken from your paycheck automatically and believe me, after the first few times, you wont even remember it anymore and that’s the best part of it, saving money automatically without even thinking or stressing about it. Sure you could take money from your regular bank account and set it aside as your saving, but we all know how that works!
It’s Not As Easy To Spend It
The biggest obstacle most of us face when it comes to saving money is that we tend to spend it quickly since we have easy access to it. This account is not tied to your checking, so it wont be as easy as clicking a few button and transferring the money to your checking. Trust me, every little bit that discourages you from pulling out that money from your saving account helps you save that money for longer.
You Get To Save And Grow Your Money
The great news with this method of saving is that your money grows and it grows at a decent rate (assuming you put it in a 401k or perhaps a High Yield Online Savings account.)
Now, what if you are self employed and don’t have a human resource department, in that case, I would deposit a percentage of each check to that account as soon as you get the check. Don’t kid yourself saying you will cash the check, then deposit some of it tomorrow or at the end of the month, it won’t happen!
I truly believe this is the easiest and best way to save your money and anyone can do it. the hardest part is figuring out how much from each paycheck you want to deposit into this especial account.
Don’t be unreasonable and try to put 50% of it in that account. You may be able to do it for a month or so, but soon you will feel the crunch and you will have to pull out the money to catch up and that will be a huge disappointment and one that may even make you forget about the whole direct deposit saving thing.
Now, its your turn, how do you go about saving cash, and what do you think is the best way to save money?…