Asking for a Friend - I'm making more money, but I am finding it hard to save. Any suggestions to make this easier?

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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