Here is today’s 5 Simple Actionable Items to financial freedom.
1. Open a savings account– select a bank that you currently do not use for your checking account like a credit union or an online bank. This will limit your access to the money. Most banks allow as little as $25 to open a savings account.
2. Opt for electronic statements– you will have to login to see the statement. Some days, you may not have the time or feel inclined to login. This will limit visibility to the current balance. Out of sight, out of mind.
3. Setup a payroll direct deposit to the account– start at a comfortable amount. It can be as low as $25 per paycheck. Any amount is better than zero. Increase this over time as your budget will allow. If you cannot do payroll deposits, setup a scheduled automatic transfer from your regular bank to the savings account.
4. Do not link this account with your regular bank– this will limit temptation to transfer money on a whim. The only exception to this is if you cannot do automatic payroll deposit.
5. Forget about the account– well, not completely but do not count the money in the savings as part of your available money.