You must have often contemplated on how you could have saved a little more money so as to meet all your dream goals without worrying about finances. Just like you, most of us are battling dilemmas between saving a substantive amount of our earnings looking at the bigger picture, and spending the same on irrelevant, whimsical temptations. It indeed is a tough choice especially when you have money lying loose in your wallet!
To avoid falling prey to unnecessary temptations, having a savings account is imperative. It is one of the most trusted hacks to keeping your money where it truly deserves to stay and grow. Saving substantial amounts of money in your savings account, only after conducting a comparative analysis of the best savings account interest rates is a foolproof idea to intensify your financial base. Here’s what you should do!
Zero out the day’s savings
In order to go through this process, you will first have to get detailed knowledge about your savings account and the way it will work towards your financial goal. The money that has remained with you in your savings account as well as the amount that you still own in person must have their last digits subtracted from them respectively. This has to be done in order to get a zero in the end. Take the zeroed out cash to put inside your additional savings account or even a piggy bank to make a sum of that elsewhere contributing to savings for a different cause.
Increase the zero-out process
In case your tertiary financial goal is bigger and needs to be attained faster, it is necessary that you increase the bait. This is to say in such a situation you must zero out not the last one but the last two digits from your day’s savings into the other account, which will enable you to reach your goals faster. In addition to this, such a well maintained account will also account for more savings account interest rate at the end of a year. This is always an additional bonus that you can enjoy.
Save what’s left before payday
It is important for you as a finance owner to realize the importance of being mature with your money. The first step towards doing it is to understand that the money left with you before payday arrives is not your award, which you can spend recklessly. It rather is a great opportunity to spend tactfully before new money enters your account. This process accounts for an additional amount of savings that you had not counted in your growth plan.
Advantages of this process
Apart from the different savings account interest rate that you are going to enjoy as a result of saving your money in different accounts by means of such unique hacks, there are also certain other advantages of following this process. The foremost being, you are always informed about how much money you own every morning, in addition to the money always being a round figure. These tendencies also stop you from wasting your twos and threes on unimportant things for you are aware that they are going to be put into a better cause. The genius hack comes with such simple rules and always ensures greater savings in your multiple savings accounts.
If it is about saving up and cutting down on extra expenses, the only legitimate way out is a savings account. No matter what, there is no shortcut to inculcating strict and regular saving habits.