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Make Your Saving Account Actually Work
You’ve checked the box that you have a savings account, but do you actually use it?
Or do you transfer the money back out regularly so that you can use it for something?
Having a savings account is great!
Let’s put it to use though…
You’re probably sabotaging your account and you don’t even realize it.
Making the switch to your account working for you will create a snowball of savings and who doesn’t want that!
Check out the video below where I share the specifics so you can start saving!
{Prefer to read, keep scrolling I’ve got you covered}
YOUR ACTION STEP FOR TODAY – Make sure you have 2 savings accounts set up and designate how much and how often you’ll be funding them. Then grab the Budget Makeover Guide so you can find the extra that’s hiding in your existing personal finances and have more to stockpile in your savings account!
Want to see what it would be like to master your money? Or what tools for success I recommend? Head over to Resources!
Transcription of Make Your Savings Account Actually Work
Have you ever had a savings account? Hopefully, you’ve had a savings account at least but maybe a savings account that wasn’t performing maybe you weren’t saving like you wanted to?
0:21
You probably were sabotaging your savings account, and I’ve got three things here today, to make sure that you stop sabotaging your savings accounts so that it is actually effective for you. But before we dive into that I wanted to quickly introduce myself if we’ve never met before. Hi, my name is Aimee Cerka super excited that you are joining us here today. I help moms manage their money to mastery and I do that through my Financial Foundations Kickoff program and the Money Masters Inner Circle.
1:08
So let’s go ahead and dive in though so if you are sabotaging your savings account. Again, we’ve got three things today.
1:16
The first thing is going to be to make sure that you stop sabotaging your savings account is have a savings account at a separate bank, from what you do your normal checking in.
1:27
This is going to be a game-changer for you because believe it or not, that extra little step of having to go a step farther to get to your money will hold you back a little bit. It’ll be a little check for you before you just dive right into the savings account because you’ve done this work to start saving and we don’t want to be robbing Peter to pay Paul and Peter being the savings account. We don’t want it to lose out so putting your savings at a separate bank is going to be key for you.
1:56
I know credit unions, typically have a better savings rate for you. I personally use Discover I know that they have one of the best rates I’ve seen on savings accounts but just put it in a separate paint thing doesn’t really matter where.
2:11
The second thing that you can do to make sure that you stop sabotaging your savings accounts is going to be to have multiple savings accounts. Now, if you don’t have anything in savings right now, this might seem a little overwhelming because you know I’ve got nothing right now like now you want me to have multiple savings accounts.
2:29
There’s a reason for this. So, you should have what I call a contingency fund, a lot of people call it an emergency fund. I call it a contingency fund I don’t really have time to get into the specifics of that. But your contingency fund.
2:44
We need to separate your savings because you need to have savings for multiple reasons so you’ve got vacation fund you hopefully you’ve got like holiday Christmas type fund. You’ve got the contingency fund you’ve got auto expenses, things that come up on a regular basis that we know that we need to be saving for. We should have savings accounts for those.
3:05
But there’s a difference between having a contingency fund and your vacation fund like the purpose of the funds are different so you need to have two separate savings accounts, because if you lump them all together. You’re just going to end up like in trouble again because you’re going to be tempted to use it for the wrong thing. I mean maybe you can take a three day vacation to somewhere, local to you, wherever that might be but really should you do that shouldn’t that money be in your contingency fund and the lines get blurred there so having at least two separate savings accounts.
3:37
Your contingency fund, and then everything else if you want. I know we have more than that but you got to start somewhere so having a contingency fund savings account and everything else savings account, separating those two out is going to help you to stop sabotaging yourself and if you don’t have anything right now. don’t worry, go sell something on Facebook marketplace or something, you can get $25 and that’s normally the minimum to open a savings account and you’ve taken that action, and that’s going to be key for you because you’ll make that forward progress.
4:07
Then the third thing is going to be, stop sabotaging your savings accounts, is to add to them regularly, even if it’s five bucks a month. It’s that little bit it’s going to compound over time and you’re going to see the slight project progress you probably won’t miss the $5 in your checking account. If you can do more than that great but you got to start somewhere so $5 at least into your savings account every single month.
So you can keep making continual progress because you know what, it’s not going to change overnight, but those step by steps that you can take the incremental steps that you can take over time, are definitely going to make a huge difference for you in the long run and that’s what we’re shooting for is being able to achieve mastery in our finances over the long run.
4:51
So that’s it for today we’ve got our three steps to start mastering our finances because we need to be able to stop sabotaging our savings accounts when we do that.
QUICK RECAP
The first thing was to have a savings account at a separate bank, that way you are not tempted to be spending it unnecessarily. The second thing was to separate your contingency from the rest of your savings account so have two savings accounts. And then the third thing was to add to it on a continual basis every single month, even if it’s only $5 a month, that’s going to be somewhere where you can start.
5:34
Hey there. If you enjoyed this training these tips today. I highly encourage you to go ahead and grab the Budget Makeover Guide. So what the Budget Makeover Guide is going to be is a PDF download it’s going to give you seven tips to discover the extra that is hiding in your existing personal finances. Now, the average person finds $250 a month, right now without increasing their income but they could be applying somewhere else in their finances, they don’t even know if it’s hiding in there. So, going to make sure you grab that Budget Makeover Guide the link to grab that, there’s either going to be a button directly below this video or go directly to https://aimeecerka.com/bmg grab the Budget Makeover Guide and we will see you later. Bye.
YOUR ACTION STEP FOR TODAY – Make sure you have 2 savings accounts set up and designate how much and how often you’ll be funding them. Then grab the Budget Makeover Guide so you can find the extra that’s hiding in your existing personal finances and have more to stockpile in your savings account!
Want to see what it would be like to master your money? Or what tools for success I recommend? Head over to Resources!
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