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They also leave you walking around with your entire paycheck in cash, ripe for loss or theft.
If you dont have a checking account set up, open one now.
Then, set up direct deposit for your paycheck.
Or Automate Transfers to Savings
Does your employers payroll service not offer to split your direct deposit?
Schedule these for one or two days after your direct deposit hits your checking account.
Put it to work earning interest for you with ahigh-yield savings account.
We all need some cash standing by, if only for an emergency fund.
For example, say you want to buy a house within the next 18 months.
In addition to your emergency fund, you open another savings account for your down payment and closing costs.
You could set up accounts for upcoming vacations or a big-ticket item like a new television or furniture set.
you’ve got the option to also combine automated deposits with these automated investments.
But if not, robo-advisors let you schedule recurring transfers.
With every dollar you invest, you make more money by earning returns.
You put your money to work for you rather than the other way around.
Log into your credit card account and schedule payments from each paycheck.
Set Up Biweekly Mortgage Payments
Most people get paid biweekly yet pay their mortgage monthly.
That comes to 26 half-month payments each year, or 13 months worth of payments.
Apps like these help you spot leakages in your budget where youre spending more than intended.
Many notify you of unusual spending patterns and help you spot fraud.
Your self-discipline and motivation will fail you sooner or later.
Automate your savings and investments so they take place without you having to lift a finger.
Do that, and youll make steady progress toward your goals every single time you get paid.
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