So for saving/banking purposes, what do you use to curb spending? I’m ~REALLY~ bad at saving so I’m looking for a bank/savings accounts that have limits on the times per month that you can do withdrawals/transactions. What do y’all use?
I currently only have PayPal & a checking account for US bank but no savings accounts.
Do accounts like those even exist?
Thanks in advance!
Being frugal with savings accounts, any ideas?
byu/Nthorpe1996 inFrugal
Posted by Nthorpe1996
6 Comments
Make it inconvenient to withdraw. I have my savings account in another town, no debit card for it, direct deposit. If I must get money out, I need to make a trip. Works like a charm for me.
Online savings accounts are helpful for me. For example, I have one with Ally Bank. FDIC insured. Good rate. And I’m only allowed 6 free transactions per month.
Many online savings accounts are easy to set up, and often have low or no minimums. They’re a great place to get started. As I don’t have a spend account with them, it can take a little to move the money (just a day or two).
Once you’ve set yourself up, automate your savings. You get paid every week? Schedule a payment every payday. Even if it’s just a little, it’s a great way to start.
It doesn’t quite have what you’re asking, but I like the system I have set up with multiple saving accounts. I have a checking account for direct deposits, a “bill savings” and a “do not touch” savings. Every month I move some amount from bills savings to do not touch. I do NOT use anything in do not touch savings. When do not touch savings hits a certain number, I move it into a CD so I Really can’t touch it
I do this in capital one because you can basically open as many accounts as you want very easily and they’re also hysa
Put your savings in first, before paying bills or buying groceries. It’s easy to eat away at your final savings number before you’ve socked it away. It’s harder to have to go back and pull from savings.
Load your monthly budgetary allowance on a prepaid card and once it’s depleted, that’s your limit for the month.
Treat it like a video game. You want the high score right? SAVE like your life depends on it and use online banks with 4 or 5 times the national average APY savings rates like Ally, Capital one performance savings and Marcus which are all around 3.xx% who essentially pay YOU to save money
Making a game out of this by figuring out how to spend less and get more or less the same lifestyle things for free is what made me into an expert saver