Did you know that only 20% of workers split up their paychecks into multiple accounts? And those who do deposit their money into multiple accounts save on average $90.00 more a month than the 80% who deposit their money into one account? Talk with your employer payroll department. If they won’t let you split your paycheck, do it on your own after the money’s in your account. You may want to even set up an automatic transfer date from the account receiving money from your employer, to your account with a specific goal.
Say you deposit 70% of your paycheck into your main living account. 10% into a long-term savings (think future, 401-K, investments.)
10% into a short-term savings (think cushion, or saving for something specific like a vacation, even a car.)
10% for tithing or charity.
Even if you start with 95% to live on now, and 5% transfered to your goal. It adds up. It may take a while to work up to this. It can be done.
What are your goals? What are you saving for?