The Key to Starting and Maintaining a Savings Account

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Photo By Ken Wilcox

Many financial experts advise you to put a certain percentage of your family income into a savings account every pay period. Well, I do agree with them, for the most part. However, sometimes those percentages can be quite a stretch, especially if you’re practically living paycheck to paycheck and you’re not accustomed to saving at all.

The Good News

There are options that are attainable for almost anyone. The key is to simply get started.

Here are two simple methods:

  1. Put only the last 3 digits of your paycheck in savings each pay period. Okay, so this may sound a little weird, but it really is a simple method for starting out saving. An example of this saving method would be: If you get a paycheck for $284.15, you would simply deposit $4.15 in your savings account.
  2. Put a set amount into savings each pay period, even if it is small. This amount may only be $5 or $25. You must determine an amount that you feel sure you can meet on a regular basis.

Obviously, with either of these methods, you aren’t going to save enough to buy a car in six months, or enough for a down payment on a house. You will however, begin to form the habit of saving on a regular basis.

The Key

As you receive increases in your income, gradually increase the amount you are putting into your savings account, and before you know it, you’ll be right up there with the experts. Remember, starting small is better than not starting at all.

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Posted on March 14th, 2009 in Money Matters | No Comments
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