savings

Put savings on autopilot

 

 

Since the biggest barrier to saving is not being in the habit of saving, the best way to get in the habit is to pay yourself first.

Have money directly-deposited from your paycheck or even your checking account into a dedicated savings vehicle. This can be done along with other goals such as paying down debt or saving for retirement. You won't miss what you don't see, and putting your savings on autopilot is a great way to reinforce the savings habit when unplanned expenses inevitably come along and chew a hole in what you've saved. You're only one paycheck away from beginning to replenish your savings balance.

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Ask Dr. Don

Quickest path toward $1 million?

Dear Dr. Don, This question involves how best to make for a better life for my family. How can I make a one-time investment of $5,000 grow into $1 million or more over 60 years? One of my broader goals is to encourage my... Read more

advertisement
Partner Center
advertisement

Connect with us