How to start saving money ✨automatically✨
Setting up auto transfers was the number one most important change I made when I decided to change from a poor girl mentality to an abundance mentality.
I started out saving $25 each week when I got paid. Doing this allowed me the ability to “pay myself first” because I was putting my money into savings before I could even spend it. As I was able, I increased the amount that I auto saved by editing my auto deposits.
Seeing the money stack up (not to mention the interest payments) each month, really motivated me to try saving even more. If you have ever struggled with saving money, this is the number one saving hack for YOU! Do it now and thank me later. 🤑
This is easy and completely free to do. It can be done right from your phone using mobile banking.
I highly recommend finding a high yield savings account to invest your savings into.
1. 10-20 times higher interest than a traditional savings account
2. Most have no fees or minimum balance requirements to open an account
3. Just as safe as keeping money in your regular savings account
4. Allows you to effortlessly save for short and long term goals without sacrificing liquidity ( the ability for your money to be withdrawn and spent)
I’ll make a future post on my top picks for high yield savings accounts. If you that’s something you works be interested in seeing let me know in the comments. Also feel free to leave any questions you might have. I’ll try to answer as many as I can.
#financejourney #financesimplified #moneyhack #savingmoney #wealthmindset
Saving money automatically is a game-changer for anyone looking to improve their financial health. By setting up auto transfers, you can ensure that a portion of your income goes directly into savings before you have a chance to spend it. A high yield savings account (HYSA) is an excellent option, offering interest rates that are often 10-20 times higher than traditional accounts, helping your money grow faster. Additionally, most HYSAs come with no monthly fees and no minimum balance requirements, making them accessible for everyone. This means you can start saving, regardless of your current financial situation. Many accounts are also FDIC insured, ensuring that your deposits are protected, which adds an extra layer of security. It's also vital to consider your saving strategy; by automating your savings, you allow compound interest to work in your favor, providing a financial cushion for both short-term and long-term goals. Plus, the ease of transferring funds from your HYSA back to your checking account ensures that your savings remain liquid and accessible when needed. Remember, consistency is key! Plan your savings based on your income schedule and increase your auto transfers as possible. If you’re interested in high yield savings account options, keep an eye out for further recommendations. Automating your savings can transform your financial future—start implementing these strategies today!