Make The Most of Your Salary by Utilizing Savings Accounts
Published on 8/28/2022
Consider your cash vs. card usage. While strictly spending with only cash to develop a disciplined budgeting routine is great in theory, this method can be a challenge for those of us who utilize Amazon for necessities or buy our weekly groceries from delivery apps that require payment through a card. Therefore, strategizing your budget through spending solely cash can be an inconvenience as our technology and the way we pay for things is gravitating more toward card usage. If you find yourself swiping your card or buying a hefty amount of items through online services, you may want to reconsider the envelope system.
Additionally, consider the benefit, or financial gain, that comes with utilizing a cash only budgeting method. While you may have a tangible visualization of where exactly your money is going, you are not earning any interest by leaving your cash in envelopes. We work hard for our money, so it only makes sense that we are doing the most that we can to make it count. As an alternative to the envelope method, try utilizing savings accounts to hold your money while also earning interest. Plus, you often have the option to set up an automatic transfer immediately after you receive your paycheck. In this case, those dollars are out of sight and out of mind, which can make it more tolerable to save for a bigger purchase. For example, if you have plans to travel abroad or are saving up for a car, setting up an automatic transfer to your savings account will eliminate the temptation to spend that money. It will be out of your checking account before you even realize it was ever there.
If you are considering a new tactic for budgeting your income, look to Orlando Credit Union to utilize our checking and savings accounts. All of our credit union’s savings accounts offer competitive dividend rates, unlimited deposits, unlimited withdrawals at an ATM or in-person, and more. For more information, head to the ‘Checking & Savings’ tab on Orlando Credit Union’s website.