I'm trying to find a better way to save my money. I've started doing the 'envelope system' for food where I take out $125 each Monday and put it in my wallet and only pay cash at grocery stores and restaurants so I make sure I don't spend more then my food budget for that week.
Now I'm trying to find a better way to save the rest of my money instead of just having direct deposit going into my checking account and then have a large sum of money sitting there.
One strategy I've read is that others have a certain dollar amount taken from each paycheck and put into a different bank account that is there emergency fund and is a high savings account. I don't like the idea of having multiple bank accounts (seems difficult to have all of those passwords and what not to remember) but if that's what I have to do to get my budget under control, then I will.
Does this strategy work for anyone or can anyone offer any other strategies? If so, what banks are good for this? Any ideas are greatly appreciated. Really just looking for the most efficient ways to maximize my savings and have my money work for me.
Submitted July 24, 2018 at 10:59AM by _Hnnng_ https://ift.tt/2mEiZBS
