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Building savings into your budget is essential to make sure you actually set money aside for your goals. In fact, it’s the only way I’ve ever been good at saving money (especially when funds are limited). So whether you’re saving for next year’s Christmas gifts, vacation, building your emergency fund or nest egg – PAY YOURSELF FIRST!
I’ve been pinning different plans @mywealthroad on Pinterest (see the Savings Plans board) and decided to create an all-in-one Google Sheet inspired by some of my favorites. The sheet has different tabs to help breakdown savings into monthly or bi-weekly plans since we tend to budget on a monthly basis, but may receive paychecks on a bi-weekly basis. There are also plans in which savings vary, which might offer some flexibility (Ex: smaller savings required around the holidays when spending is typically higher). Take a look and choose a plan that works for you!
Once you’ve selected your plan, make it a point to transfer money into a savings account (every week, paycheck, or month). If you choose a fixed savings plan you can set up auto-transfers on your pay date so you won’t forget. I have a Capital One 360 Performance Savings account that now offers 0.40% APY with no fees or account minimums. It’s not the highest rate out there, but it’s competitive at 5X the national average. Plus, no account minimum is a big deal for me right now. I can also view my Capital One 360 Checking and Venture One Rewards Credit Card all in one place and my experience with Customer Service has been positive so far. For comparison of other savings accounts, click here to view Go Banking Rates “Top Savings Accounts of 2020“.
*Capital One links are to the refer a friend program offered to all customers.