Putting part of your paycheck aside for savings each month is one of the oldest cash savings tricks in the book, but it isn't always possible. 83 percent of SavvySugar readers admit to being more mindful of their money given the current economy, and that often means setting higher savings goals and being more methodical about where extra cash is put.
Do you transfer funds to savings every month automatically, or do you balance your checkbook and contribute what you can on a month-by-month basis?
Twenty8Twelve
Orlando Orlandini
Hudson
Some of mine automatically gets taken out of my paycheck and put into savings.
1Yep. It's not a lot, but it's something.
2I don't have a set amount but I transfer what I can into savings.
3I'm like Shaner ... it's not a lot, but it's something. And I put aside the same amount every month.
4Yes, I put some but its not a lot but it adds up.
5I do both - a medium amount is taken out every week (I don't even miss it), and I contribute a larger amount every time I get paid, which varies based on how I'm trending compared to predictions. Sometimes the large transfer doesn't happen, like this month when I'm moving to a more expensive apartment and temporarily paying 1.5 rents plus moving costs.
6I do both. There's a specific amount that's automatically transferred out into savings and investments with each paycheck. Any extra money left after the bills are paid also goes into savings. The amount varies depending on the expenses for the month.
7yes. 2/3 of each paycheck is directly deposited into savings.
8I put a set amount into savings every pay check, and whatever's left in my checking account when I get paid again goes in too.
9not yet! I have one more car payment to make, then starting next month that amount will be directly deposited into my savings account, and the rest into checking
I am excited, and rather proud of myself
10I only get paid once a month so I always transfer 1/2 of my paycheck into savings. Usually I will end up transfering a little back into checking by the end of the month.
11Yeah, I wish I could transfer more, though. But something is better than nothing.
12Yes. I use SmartyPig.com. It's great because it does the work for me every month!
13Yes. I use SmartyPig.com. It's great because it does the work for me every month!
14Yes, I do it through my bank. I don't like it, though, because the checking is in SoCal and the Savings is in NorCal (two different jurisdictions, according to my bank) and now I don't have access to my savings when it would be useful. Thanks for the idea, riccaroo62!
I'll
check it out.
15I automatically transfer money into my savings when I get my 1st paycheck everything month.
16I have it set up so a small sum goes into savings from each paycheck. I get paid every week, so it adds up.
17Yes. Automatic transfer each month.
18sometimes, usually 100 of whatever i get goes to savings, recently with the last 2 checks though, i havent...
19Yes, I have an automatic transfer that happens every week and I add more when I can.
20yep, every paycheck 10 percent goes into my main savings and I put about 20-50 in another savings account. I make the transfer before I pay any bills......every now and I again I might have to transfer a few bucks back to the checking.
21Yes, 20% of my net income is transferred automatically to savings. Before, whatever I have remaining I spend for myself. Now, I save it too.
22Yes, we do.
23I guess we do the opposite of the 'usual' (I never realized it was unusual to do until reading the comments!) We put ALL of our money into the savings account, and leave only a set amount of money (around $2k) in the checking account to use for the check card and paying bills. A separate 10% of the income goes automatically goes to 401k.
24My whole check is direct deposited into savings. My husband's check goes directly to checking and we pay our living expenses from that.
25I auto-transfer a set amount every month, and then I add more to that as possible.
26yup, a small amount is directly debited from my checking each month for a savings account and then another small amount for an investment account. When i can I try to save more, but for each month I can add another 1k to the savings there seems to be a month that I need to transfer it back out.
2 steps forward one step back, I guess.
27transfer twice a month! It really adds up!
28-7% of each paycheck (bi-weekly) automatically goes into a 401K (up until my employer's match is a good rule)
29-2/3 left from that goes into my savings; rest to checking/bills
-10% of the two thirds into savings is allocated for the max contribution into my Roth IRA (better deal than a 401K any day!) due at the end of every tax year. I choose to let it earn interest in my savings during the year instead.
- BTW automatic draft is the best way because it's like I never had the money in the first place.
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