FITNESS MIX – 12
March 25, 2023
One of the biggest challenges in building up savings is the temptation to spend money that’s easily accessible in a checking account. If you see money in your checking account, it’s natural to assume that it’s available for spending, even if it’s meant to be set aside for a specific purpose like a vacation or emergency fund. This is why it’s important to keep your savings out of your checking account and open a separate savings account.
By opening a separate savings account, you create a clear separation between your spending money and your savings. This can help you resist the temptation to dip into your savings for non-essential purchases. Plus, by keeping your savings in a separate account, you may earn a higher interest rate, which can help your money grow over time.
Another benefit of a separate savings account is that it can help you set and track savings goals. You can easily set up automatic transfers from your checking account to your savings account, so you can build up your savings without having to think about it. And by tracking your progress towards your savings goals, you can stay motivated and focused on building up your financial security.
In summary, keeping your savings out of your checking account is a crucial step towards building up your financial security. By opening a separate savings account, you create a clear separation between your spending money and your savings, which can help you resist the temptation to spend your savings on non-essential purchases. Plus, a separate savings account can help you set and track savings goals, so you can stay motivated and on track.
