Most readers of this sub probably already do this, but it's worth saying and it's simple to do and any amount is a good starting place.
For a long time I would wait until my end of month bills were paid then I would transfer anything over 5k (my safe number) to my account. It worked pretty well.
The downside is inconsistency- when I knew things were coming up I'd keep the money available in checking or feel easier about spending with a big number in checking. Plus over time more interest is earned off of regular, timed deposits.
Then I automated a weekly deposit. I started small, to make sure it wouldn't be an inconvenience. But I kept increasing to the point where my end of month deposits got smaller. Then as my career progressed I increased the amount more and more.
It's pretty good for a short term cash on hand strategy. Currently my account gets 1.4% APY, not nearly the rates of a decade ago but not bad.
Submitted February 20, 2018 at 01:11PM by RollX http://ift.tt/2Gr5iOH
