I want to put money into savings every month but I don't want any other access to it. I always end up spending it. How do I do this?
2007-02-08 04:54:00 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Set up your savings account/money market fund to automatically deduct a certain amount from your checking account each month (make sure you're getting at least 4% interest). Then, just don't ask for checks or a debit card if they're even available. If they come automatically, just cut them up. Then forget all about it. The money will flow in every month. Better yet, invest it in an index fund or something that you'd actually have to sell in order to get the funds (you can do that automatically too, just as easily).
2007-02-08 06:45:04 · answer #1 · answered by lizzgeorge 4 · 1⤊ 1⤋
Do you have a friend or family member that is 125% trustable with YOUR money ???
I have, in the past opened savings accounts in MY and a friends name but not telling which bank. I hold this money for them and they cannot touch it until agreed upon by both of us.
If your want no tax consequence due to interest owed then simply give the friend the money to save for you. I have done this as well.
I cannot, for the life of me figure out some people cannot leave the money alone !!! I have money hiding all over the place and I don't touch it. I love having it and making it grow. Not sure why some just can't handle it !!
2007-02-08 05:16:52 · answer #2 · answered by Kitty 6 · 1⤊ 0⤋
well if you have direct deposit you can have the bank split the money some can go to checking and then some to savings of course self-control is a big factor but its not so hard or you can have accounts at different banks one would be your main account that you frequent and one that you simply keep money in..im not sure how to help you im not one who has an issue saving money but what works best for me is to split up my money and allot certain amounts for each thing i need and take some out just for personal use a minimal amount of course and put the rest away
2007-02-08 05:08:21 · answer #3 · answered by ELIZY 4 · 1⤊ 0⤋
I way i had done it was,get an out of town bank,like 50 or 60 miles or so,you will have to go to the bank to open it up but after that you can mail your deposits.It will make you think twice before you go and get money out of it.It works great.
2007-02-08 05:03:47 · answer #4 · answered by crazycul1 5 · 1⤊ 0⤋
open a savings account and when they give you your check book and atm card get rid of them. then all you need to do is go to the bank and use their deposit forms there. you can always request new checks if you wanted to take money out too.
2007-02-08 05:02:06 · answer #5 · answered by iron chef bryan 4 · 1⤊ 0⤋
Oh GOD I do the same~Always end up spending it! Never can save a dime and that is no good! I guess we better start somehow...Good Luck to you*
2007-02-08 05:02:28 · answer #6 · answered by Anonymous · 1⤊ 0⤋
there are high interest savings bonds that once u put the money in, you cant get it out for 5 or more years... ask your local bank.
2007-02-08 05:01:45 · answer #7 · answered by Anonymous · 2⤊ 0⤋
You can put it in my savings account, I wont let you spend it.
2007-02-08 05:02:35 · answer #8 · answered by Katers 2 · 2⤊ 1⤋
get a very good friend to bump you on the head as soon as you make a deposit
2007-02-08 04:59:03 · answer #9 · answered by Anonymous · 0⤊ 1⤋