It is time you learned about saving your money. I bet you didn’t know you could but SURPRISE you can.
In your almighty budget plan to put some small amount of money into a savings account. Wait what? You don’t have one yet because you were so focused on your debt that you didn’t open one. First let me Shame you!
SHAME SHAME SHAME
Okay I’m down. Hope the shaming position wasn’t too bad. If you are too upset to continue right now, I understand. Have a glass (bottle) of wine to feel better I can wait.
Better? Okay now it’s time for the talk about saving money.
Saving money is one of the harder but more important parts to getting out of debt. I know it doesn’t seem like it but it will teach you to live on less and when you are debt free you will need that money to help you rebuild. Your savings is like that little blue blanket Linus carries everywhere. It is there to comfort you when you are feeling like you haven’t got a handle on anything, it can be ninja fast and help you get out from overdraft fees in your checking account, and it is just something that everyone can use to put money aside for whatever you may need.
If you are with one of the bigger banks like Chase or Wells Fargo it is one of the easiest things to set up. You can simply go onto your account online as say that you want to set up a savings account and they will have all your information already and will ask that you put like $25 to start the account. It’s really that easy.
If you are with a smaller bank you can still do the same but you will have a higher interest rate. In this case it is something you want. It just means you will get more money back from the bank.
I personal have two savings accounts. One with my bank and the other with a credit union. I enjoy having two because even though I am taking money out twice each paycheck, the one on with the credit union is a lot harder to get money out of so I have to make an effort to get the money out meaning I am not pulling as much out.
As always, before opening an account of any kind make sure you do your research. And if you are going to do a savings account make sure you are added money to it on a regular basis. I take some out from each paycheck but you can do a monthly, bi-weekly, weekly, daily or whatever you want.