Every since I’ve not been completely broke, I’ve been using a simple mind trick to make sure I check my spending.
I never keep more than $2,000 in my checking account.
And I keep my savings account at a separate institution (SmartyPig for right now), than my checking account. (Bank of America)
Keeping the minimum amount in my checking account makes sure I never make a larger impulse purchase or business investment. I have to wait at least a few business days to transfer any money from savings. Sure, it isn’t the most convenient setup, but I’m not looking for convenience in accessing my money!
Most immediate emergencies, like my car braking down, or a dental emergency, won’t be over $1,000. So I feel comfortable not keeping much in checking.
Any extra money over 2K goes into my online savings account.
It doesn’t have to be $2,000. It could be $500, or even $100, or $5,000.
Anyone else use this hack?
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Well you’ve made a big lesson here for a lot of people. Hey don’t call this nice tip a “hack”. It is one of the way to make sense in our society. It is a very helpful guide. I like this thing that you have to wait a few days to stop you from impulsive behavior. This fact is giving you enough time to think about your “investment”. Truly respect!