Protect Your Savings from Their Biggest Threat - You!

Let’s say you want to keep the kids out of the cookie jar. Do you lecture them on the importance of a well-rounded diet and describe for them how they need to work on their self-control? Well, you could do that, and once that failed you’d probably learn to just put the cookie jar on the top shelf, out of reach of those tiny grasping fingers. Surprisingly, this simple solution may be the remedy to what is plaguing many American households. People are simply spending too much and not saving enough, and easy access to cash could be the root of it all. If you find that your savings are dwindling, make it a hassle, make it a hardship, make it a downright pain in the butt to spend your money, and you’ll find that you actually spend a lot less of it. This article will show you how to place your savings on the proverbial top shelf. Evaluate Your Current SituationrnThis is the place to start when determining where your savings account should be. Ask yourself the following questions. Am I juggling money between two accounts on a monthly basis to cover automatic payments or stay above a certain account threshold?* Would I still splurge on luxury items if I didn’t have online access to withdraw money from my savings account?* Would I still make as many withdrawals if I didn’t have convenient ATM access to my savings account?* Would I be less likely to take out money if I had to go to a bank and wait in line? The answers to these questions should give you an idea if easy access to cash is the cause of your savings problems. If you answered “no” to all of these questions, there could be bigger problems than access at play, and it may be time to rethink your budget. Assuming that you answered “yes” to at least one of the questions, however, it’s now time to boost your savings by putting your savings account out of reach. Creating a Top Shelf for Your AccountrnReaching your savings goals can be difficult when you have easy access to your cash. The first problem pops up when your savings account happens to be in the same bank as your checking account. How do you hide your money from yourself? Give your savings account its own life in its own locale, preferably in a different bank without a debit card.