Want to Save More Money? Make Your Savings Hard To Get At

The first step to financial fitness is savings. Everyone should have a savings account. The problem is that even though many do have one, there never seems to be much money in them. And that's because our savings account is usually the first place we look when we're a little strapped for cash.

If you want to reach your savings goal, you have to keep that money out of easy reach...and no I don't mean a cookie jar on the top shelf. It's for your goals...the things you decided you needed to be prepared for life's foibles. It is  not for those moments when you're temporarily a little short on cash. 

So how do you keep from dipping into the piggy bank?  Here are some ways to make your savings VERY hard to get at:

1. Keep your savings account at a different bank than your primary bank. Having both your primary checking account and your savings account at the same bank makes it too easy to just transfer money from savings if you're a little short on cash. If your debit card is linked to your savings account, that's even worse. Now you can access your savings from almost anywhere! 

I recommend keeping your savings in a totally separate online account. This will definitely cut down on the speed with which you can access your money, which means you might be more likely to look for ways to stretch your dollars until your next payday, instead of pilfering your savings. Plus online banks often pay a higher interest rate on savings than your neighborhood bank. 

If you would prefer to use a brick-and-mortar bank, then open a separate savings account at a bank you don't normally use. Preferably on the other side of town. Do whatever it takes to make taking money out of your account as inconvenient as possible. 

2. Do not link your debit card to your savings account. Again, this just makes it too easy to access your savings. Many banks will give you a card automatically when you open your savings account. They might advertise this as a benefit of setting up an account with them, but it's not. So if you have the option, tell your bank you don't want it. If you already have one, cut it up. If you simply can't imagine not having one, then at least keep it locked up at home and not in your wallet.

3. Reduce the amount of your contributions if necessary. Let's be real. If you are putting a substantial sum into your savings account each month, only to take some of it out again each month, something isn't working. 

It's much better to put a smaller amount in your savings each month and LEAVE IT THERE.

One of the easiest ways to grow your savings is to put money in an interest-bearing savings account and don't touch it.

Have you found yourself dipping into your savings more than you should? How have you stopped? Share your tips in the comments. 

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