How to avoid dipping into your savings account
Saving money is not easy, but perhaps more difficult is stopping oneself from diving into those savings.
It’s a constant battle for consumers to save money. According to the Bureau of Economic Analysis, personal saving as a percentage of disposable personal income dipped year over year in September from 5.3 percent in 2010 to 3.6 percent in 2011.
To become a better saver, Bankrate offers a few suggestions on how to avoid dipping into your hard-earned savings.
“I recommend opening a money market account at a bank where you have no other accounts. A small credit union is even better, so you can perhaps earn a better rate,” says Kelley Long, a Chicago CPA and personal finance coach.
She also advises savers not to get an ATM card or sign up for Internet account access.