Earning money is hard and putting money in your savings account is even harder. The last thing on a person’s mind after seeing their paycheck is to set aside some funds for a rainy day. It’s important to make a habit out of saving responsibly. Making this a habit does take discipline, so here are two major tips to help you get a head start on a healthy savings account:
- Autopilot Saving – Setting up automatic withdrawal of money from your paycheck for your savings account is a good idea. You’ll never even know it’s gone because you won’t have to directly do it yourself. With this, your savings account will begin to grow without having to force yourself to do it.
- Keep Track of Your Monthly Spending – Take a look at where your money goes. Look at your bills, entertainment expenses, and loose change. Compiling a monthly budget of where your money should go and how you should spend it will help you identify any extra money that can be inserted into your savings account.
Saving money has its rewards. When that rainy day comes around, you won’t find yourself struggling to make ends meet. Instead, you’ll have some extra cash to rely on so that the situation doesn’t feel so heavy. Prevent struggles with healthy money habits.
For more information on building a healthy savings account, contact the Valley Federal Credit Union in Harlingen at (956) 425-5668.