August 14, 2023
Question:
I'm making more money, but I am finding it hard to save. Any suggestions to make this easier?
Answer:
We like anything that can be automated or "out of sight out of mind."
If you are able to split your direct deposit with your payroll provider, you could select to have an amount sent right to a savings account and then the remainder sent to your checking account.
Your bank may also be able to transfer a portion of your deposit automatically to a separate savings account.
Another great trick is that as soon as you get a pay raise, put that amount into savings (either into a retirement account or to a savings account) before you get used to the extra money to spend.
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