Thread: Anxious for big gains...

Re the emergency savings. another trick I learned the hard way in my younger years was, don't link savings account to checking account with overdraft protections where they pull $ from savings into checking for you for a small fee (to cover a check/ATM withdrawal that would otherwise bounce). Don't do it. Keep accounts separate. That way you have to keep close track of what's in the checking account and don't get careless. I had a lot of $2 charges on my savings account every month during that era cause I wasn't worried about keeping close track (I knew the bank and savings account had my back-but I paid for my mental laziness). My strategy back then was do the direct deposit to savings so I'd be earning interest on the bigger savings balance, and just keep minimum in checking. I think the bank got more of my hard-earned savings that way for a few years than I ever got back in interest, until I stopped doing it that way.

Nowdays I make sure the checking account always has in it what needs to be there, and I conciously move excess to unlinked savings where it stays safe and sound and growing in a separate essentially untouchable location until I deliberately conciously make an effort to use some for a planned purpose. Other good ideas here too, GL!

one other tip for the savings account is to put your savings in different credit union/ bank than your checking. Put money in by financial allottment each payday and forget about it. Takes a real effort to go get money out. Makes you think twice before doing it. Good luck!