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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.
Savings Tip – Always Transfer Your Savings
Part of the Savings Challenge is sharing a tip and my submission was about actually saving your money.
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 found 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 a few times it didn’t happen.
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 an 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 Savings
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.
if you haven’t already, go ahead and make sure you’re getting more out of your money and have it in a high yield saving account. You may want to check out your local credit union, community bank, or an online bank to get the best deals.
Spreading the Word on Savings
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?