Put Your Checking Account to Work for You Towards Savings
by Kevin Smith AuthorWhether you have a regular checking account with a credit
union or high interest checking accounts in Johnstown, PA, there are some
things that you can do to make sure your checking account is working with you
to achieve your financial goals. One worthy goal in particular that’s nice to
have is a savings goal. However, with free check writing and unlimited debit
card usage, it can be hard to curb your spending and get your checking account
to work with you to save. Here are some things to consider when trying to save
money with a checking account.
Be Choosy About Your Checking Account
These days, there are many different types of checking
accounts to choose from. Although you might choose a basic checking account
from your local institution out of convenience, some online accounts may be
worth a look too. Some of these offer rewards on debit card purchases, free
monthly bonuses, and other rewards for smart spending.
If you do choose a rewards bearing checking account, use
your rewards to save money. Most rewards programs have the option of exchanging
your rewards points and cash back on purchases for a cash deposit or a check.
Opt-in for these and then move this extra money over to your savings account.
This can be a great way to get your spending working for you.
Add A Savings Column to Your Budget
If you don’t have a budget set up, it’s high time you
created one. If you do have a budget that you’ve been working with regularly,
add another line item: savings. Pay into your savings regularly just as you are
paying towards your rent or mortgage, vehicle loan payment, and gasoline and
groceries. If you get into a savings mindset, you’ll start to save as a matter
of habit.
Make It Automatic
By automating your finances, you can have a portion of your
checks go into savings automatically. This way you don’t even have to think of
that money before it hits your savings account. As you see your savings account
move upwards, your motivation to keep going with your savings habit will
likewise increase. Consider setting up an automatic recurring transfer from
your checking to your savings account today or talk to your employer about
changing your direct deposit to start adding to your savings.
Saving money with a checking account is easy enough to do.
All you have to have is the right type of checking account, whether it looks
like high interest checking accounts in Johnstown, PA,
or something similar, and a little determination to reach your goal.
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Created on Jul 6th 2018 07:02. Viewed 421 times.