Have part of your paycheck go directly to your savings account

Do you find it difficult to save money? Does your paycheck seem to evaporate as soon as you get it in your hands? Well there is one way to stop this from happening. You can have part of your pay deposited directly to your savings.

Determine how much amount you want to be taken automatically from your pay check. Make sure that you save enough so you build a sizable nest egg in time, while you leave enough for spending so you won’t tap into your savings in the middle of the month.



Next thing you do is to send a “voided” check to your employer. This is needed to get your routing and account number. Your employer will be the one who will get the information to your bank.



Once the information is processed by your bank, all you will need to do is wait until the next payday. Check if the amount you requested is extracted from your pay. This should reflect on your payslip. You can also check your savings account if the transfer has been completed. If everything’s good, then expect this to happen every pay day or every month.



Continue monitoring your savings and in no time, you’ll have enough for your emergency fund and then some.



Tags: Personal Finance, Savings