Building A Savings Account Without Breaking A Sweat

To many people, the thought of starting and building a savings account can feel very daunting. Fighting the urge to spend takes a lot of energy, and often it seems impossible to overcome with only simple willpower at your disposal. In this article, you'll find ways to change the way you think of savings and the ways you can approach building a savings account so that it can be a much easier goal to accomplish.

For starters, if you have automatic payroll deposit of your paycheck, open a second bank account and split the amount you earn between the two accounts. Seeing a lower balance amount in your regular account will make it less likely that you'll spend more than necessary. In the meantime, the amount that was deposited into the second account can be 'out of sight, out of mind'. Eventually you'll realize that you have accumulated money in the second account that can function as the start of a savings account.

Shop at consignment clothing shops on alternate shopping trips. You can find great bargains on quality clothing and the amount you save at the cash register can be funneled directly into your savings account. For instance, if you purchase a gently-used silk blouse for $20 when the department store is selling a comparable one for $60, make a $40 deposit to your savings account.

The next time you find yourself becoming entranced by an infomercial, TV shopping channel sales pitch or an online offer, rather than buying the item that seems so appealing, even critical, immediately transfer the amount you were going to spend out of your checking account and into your savings account. After a few weeks, you'll be grateful for two reasons ... you'll have a fatter savings account in the bank and a roomier, less cluttered closet at home.

Keep your expectations real in regards to how much you can expect to set aside in savings. If you have unrealistic goals, you'll be setting yourself up for not meeting those ends. With a figure in mind that is in fact attainable, you'll be pleasantly surprised by reaching that goal without unnecessary struggle. Once you begin to grow your savings account and exercise your money management skills, you can re-evaluate your goals, increasing the amount you set aside as you reduce expenses along with increases in income, over time.

Pay ahead on some of your monthly expenses, such car insurance, gym membership or magazine subscriptions. After a couple of months, you can pass on paying those expenses for a month since you'll have a credit balance. Put that amount into your savings account and you won't be as likely to miss the funds, since you would normally make the payment otherwise.

You can use the tips in this article to get control and keep control of your finances, funneling more of your income into a savings fund where it can grow for you. Take these steps and build your confidence so you can enjoy the satisfaction of a growing savings account. If you wield your new found money management skills, you'll be in a position to enjoy the security that comes from establishing and building your savings.