Here’s a slightly different angle on the whole saving money issue, one that seems a little bit twisted but may well come in handy for some.
It can be really hard saving money in your bank if your accounts are linked, credit card account to cheque account, current account to savings account… Whatever.
This makes it very easy to transfer money between accounts through online banking, telephone banking or at the ATM machines.
My advice is to open a new account at a completely different bank. Make it a bank that’s a pain in the ass to get to, somewhere on the other side of the city or town where you live. The more inconvenient it is to get to the better.
Open a new savings account at your new “shit load of hassle to get to” bank, but, and here’s the important bit, no ATM card, no online access, no telephone banking, no nothing!!
You must only be able to withdraw money from this bank account by having to go there in person. Set up a weekly or monthly debit order from your usual account with the amount you want to save on a regular basis and don’t change it, until you want to increase the amount.
I realize this money saving idea won’t work for everyone but I think it will come in handy for some as it makes you think a bit more first before going through the hassle of trudging off to your “shit load of hassle to get to” bank and gives you a bit more self discipline, if you need it.
Well, I’m off to open a new EPlan savings account on Robben Island.