1. Don’t settle for interest checking. Have a separate savings account that can’t be as easily accessed as a checking account.
2. Keep your savings in a different bank – one that’s off your regular route, or perhaps even in different town. That way you won’t be tempted to dip into it every time you visit the bank to make a checking deposit.
3. Buy short-term savings bonds, which have 6-month to one-year maturity dates. You will get a higher rate, while at the same time keeping your money close in case of real money emergencies.
4. If you can, open the account under two, different names and require that both signatures be required to make a withdrawal. Two people can debate each withdrawal and keep each other in line.
5. When you get your paycheck, immediately put a minimum of 5% in your savings account. After just a year, you’ll be amazed by how much you have actually saved and you will feel great about it.
Visualize abundance and wealth everyday. Am I actually suggesting that you practice some sort of mysticism that will make you into a “money magnet”? Perhaps yes, maybe no. Call it what you wish – a mind game, mysticism, New Age-the solid fact is that behind every wealthy man and woman is a positive attitude toward money.
Look at it like this: It costs ZERO one way or the other to have either negative or positive thoughts. So why not have positive thoughts AND increase the ODDS?
There have been many studies done on the thought patterns and the mind-set of some of the richest, most successful people in the world. The one thing that they all had in common was a positive attitude toward money and their ability to earn and keep it.
WHAT HAVE YOU LEARNED? RESPECT MONEY AND THINK POSITIVELY TOWARDS MONEY. THIS IS A GREAT START TO MEANINGFUL SAVINGS.
The key to being able to raise emergency money when needed most is to be in the right frame of mind about money in the first place. Think positive about money and spending and save. You can’t beat that equation!
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