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Out of sight, out of mind

If it is available, have a small portion of your pay direct deposited in a seperate account, preferably at another financial institution. You won't miss the diverted money and since it is in another institution, you won't see it and be tempted to spend it. Dont get a debit card for the second account and if possible make sure the location of the other savings place is not the most convenient. You'll be suprised how fast the money will grow when left alone.

2 Comments
BECU Employee

@HillEd- thanks for sharing this tip with the MIX community! I know I personally opened a separate savings account, (except with BECU Smiley Happy), but then I "hid" it in my online banking and mobile app so I don't even see it or think about it, but a portion of my paycheck goes directly there without any effort on my part. Love it! 

Pioneer
Status changed to: Check out this idea!