Pay Yourself to Build Savings
Category: Articles- fhuff- 7:31 pm/ May 24, 2010Whether you are just starting out in the work force or have been working for many years, it’s important to allocate a portion of your earnings to a savings plan. Paying yourself the same as you would any other bill is one way to make sure you put away enough money to build a nest egg.
Putting together a budget that includes your savings goal is the best way to force yourself to stick to the plan. Each week or month when you pay bills, write a check to yourself to be deposited into a savings account or money market. Either physically write the check or have a portion of your paycheck direct deposited into a money market or savings account.
Your savings plan should not be an afterthought. It’s important to set specific savings goals and adjust your spending to meet them.
If you currently have a lot of debt that needs to be be repaid, it may make sense to hold off on an aggressive savings plan. Focus on putting any extra money you have toward your debt first. Once you’ve paid off the debt, redirect those payments toward a savings plan. You can look for savings accounts, money markets, and certificates of deposit to find the best place to stash you cash.
- 6 Month CD %
- 1-year CD %
- 2-year CD %
- Money Market Account %
- Savings Account %
- 30-year Fixed Mortgage 3.61 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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Confused on what you should invest in? Let the GoTalkMoney.com community help you when it comes to investing into a CD. If you already know what you're going to invest in, please vote on the poll on the right. If you want to see the results and you don't know what to vote, simply hit "I'm Not Sure" to see the results.
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