Consumer Tip of the Day: Automate Your Savings

Your daily money bite

(Image: ThinkStock)

Even if you feel secure at your job and things are going well, you should still make an effort to save at least 10% of your paycheck. The workplace is very unpredictable.

You could have a job today and then before you know it, you’re diving under the couch cushions to look for change.

If you don’t have firsthand experience with a fickle work environment, I can assure you it’s only a matter of time, my friend. So start saving.

I can already hear you groaning. If you have saved money in the past, but you keep making withdrawals for mini “emergencies,” I have a solution for that–automation.

Set up your bank account so that a portion of your check automatically goes into savings. The best thing is to have a separate online account for your emergency savings fund. This way, you won’t be tempted to dip into that fund. As the saying goes, “out of sight, out of mind.”

Now go set up your account.