How to Save with Direct Deposit

Almost every employer now offers direct deposit. Most also have a listing of banks who will give you a free account with direct deposit being setup. Most have direct Deposit setup but many don't use it much other than to drop their check into their account.

I have my direct deposit split 4 ways; Priority 1 - One split takes a flat $25.00 and puts it into my savings, Priority 2 - One takes 10% of my check and drops it into a spending account, Priority 3 - one to put 80% into a Bill Paying account, Priority 4 - One to take remaining 10% and put it into a secondary account for retirement.

Ok, so math, Priority means it will take them in the order listed 1-4, the percentages add up because it's the 100% of whats left after taking out $25.00. Splitting up what I have left into separate accounts saves me some hassle at the bank and lets me focus on bills.

With your money pre-split you can setup automated payments on the main account, have your spending money available on the secondary account, and not have to reconcile your checkbook before you buy lunch.

Savings are great! You never know how useful they are until you don't have them. I have the $25.00 dropped into savings so it's not something I think about or need to remember. I have my accounts setup differently at the bank. My savings is not tied to my checking account- So when I check my balance I won't know how much I'm sitting on, it just puts ideas in your head. In one year you can tuck away a nice sum of money.
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Procrastination Takes Time.
Tags: dd deposit direct directdeposit
Postado em 28-02-2009 13:58 | 0 Comentários | Favorito 0 vezes | Marcado 0 vezes como inapropriado
 

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