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This  is my video entry for GOBankingRates Summer Savings Video Challenge. Share with your friends using #GBR1MinMoneyTip

GoBankingRate’s is hosting a fun challenge over at their site and I joined in. It’s the Summer Savings Video Challenge and up as you can see in the video above, yours truly entered.

One video will get the contest’s grand prize – $1,000  in a savings account (basically catnip to a personal finance blogger!). The winner will be announced at FinCon14.

With over 30 bloggers participating, I think it’s a friendly and competitive way to get the word out on saving more.

My Savings Tip – Always Transfer Your Savings

Part of the Savings Challenge is sharing a tip and my submission was about actually saving your money.

Wait, huh?

Okay, hear me out. I’m promise you it’s not as crazy as you think.

Too many times, we save money but we don’t actually put it away. I’ve been guilty of it myself -I find a better deal on insurance and then I promise/plan/dream that we’ll use that  money for savings or paying off the student loan, but it doesn’t happen.

Why?

It’s because that ‘saved’ money is stuck in our checking account where it becomes buffer and over time, it eventually gets spent. It doesn’t mean that we frivolously spent it, but it didn’t make the impact that it could have. Hearing from you and talking with friends, I see that this happens more often than we’d like to admit. It’s and example of  failure of the last mile.

That’s why I chose to make my summer savings tip about fixing that last step and have you really save your money.

Automate Your Savingsextra income

As readers, I’m sure you can guess what my solution is: automate your savings. I’ve been writing about since I started Couple Money and I think it can be especially helpful for busy couples.

When you find a way to cut your cable bill or even eliminate it, go ahead and set up a transfer from your checking into your savings.

You may think that it’s chump change, but getting into the habit of saving your money can snowball and change how fast your money grows. The key to success is having a system that makes it easy for you to stash that cash.

Spreading the Word on Savings

I’m not going lie or hide it I’d love your support and and I would be extremely grateful if you share my video (Why You Need to Automate Your Savings - http://ow.ly/zvulF) with friends and loved ones on Facebook or Twitter.

I mean who doesn’t want to win $1,000?!

Seriously, though, I’d really appreciate if you just spread the word about the savings challenge on wwherever you hang out online. I truly believe that this challenge can be inspire others to stash their cash . Most of us can save more and most of us want to move towards financial freedom.

How about you – what savings tip  do you have to share?

Photo Credit

How to Encourage Your Spouse to Start (and Keep) a Budget

by Elle Martinez
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While there are those who are stubborn and insistent about not budgeting, I’ve found that most people are willing to make a change to improve their family’s finances. Getting them started though can be a huge challenge if this is something that they have little experience with or worse, they’ve had a bad time (such […]

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How to Encourage Your Spouse to Save More

by Elle Martinez
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I wholeheartedly feel that your spouse can be a powerful force with your finances. When you two are working hard towards your financial and personal goals that you’ve created together, you two are not only improving your finances, you’re making your marriage stronger. On the other hand, it can be a daunting (and sometimes frustrating) […]

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Finding the Best Banking and Investing Accounts

by Elle Martinez
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One of the best ways to keep your money working for you is to make sure it is stashed in the best bank and investment accounts. Every couple has their particular preferences on what they are looking for, but there are some basic requirements that you no doubt want to keep in mind so your […]

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Dealing with Rising Vet Bills

by Elle Martinez
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Our cats are a part of our family and we enjoy their company. My little girl loves to help out with taking care of them. Even though she is a toddler, we give her responsibilities like helping with feedings and keeping the water bowl full.  It’s an easy way for her to learn that pets […]

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Coin Jars and Our Toddler

by Elle Martinez
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As parents we hope that by the time our daughter leaves the house she has a healthy view of money. She’s a toddler now, so  we want to keep it fun and help her as she learns the fundamentals of math. Piggy banks are a big part part of that right now. Counting Pennies in the […]

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Have an eBay Account? Change your Password

by Elle Martinez
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Yesterday morning eBay announced that they had been hacked and customers information such as’ names,  addresses, birth dates, and passwords may have been compromised. Even though the passwords were encrypted, the company is advising all customers to change their passwords to be safe. Protect Yourself and Your Passwords There is no guarantee that you will […]

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