By Jocelyn Wood, RCB Bank
You want to save more money.
The truth is you can save more money.
The struggle is you want things now. Waiting is hard. Saving money requires discipline.
What if saving could be easy?
Here are two ways to build your wealth that involves little effort.
1. Set the task on auto-drive.
Direct Deposit – Ask your employer to deduct a certain amount of money from your paycheck each month and transfer it into a savings or retirement account. When you receive a pay raise, transfer that to savings too. It’s called direct deposit, and the only discipline required is initiating the process.
While you may not think you have money to set aside, you do. When money is transferred before you see your income, you’ll soon forget it. You’ll adjust to living on the money you do see. And you’ll feel less stressed when you see your savings grow. Ask your company’s human resource department for details.
2. Set up auto savings.
Auto Money Transfer – Schedule an automatic money transfer from your checking account to a savings account through your online banking or mobile banking app. Set it up to recur monthly, or weekly for faster savings.
If you’re nervous, start with a small amount. Transfer the money into an account you don’t have easy access to, no debit card, no checks.
Not convinced you have the funds? Do this. Call your cell phone and TV providers, insurance companies and others and ask how you can reduce your bills. Schedule the differences you save each month to transfer to your savings account. You can set up an automatic transfer in 10 minutes or less. Ask your bank if you need help.
Saving money is a choice.
Choose to take control of your financial well-being. Then set the cruise control.