The Secret Key to Bank Account Savings

If you want to accumulate long term savings in a bank account, follow this strategy. Every time you get paid or receive any miscellaneous income, deposit all of it into your savings or money market account at your bank. Then transfer only what you immediately need into your checking account. This has two benefits: (1) Because you are transferring from an account with an ongoing balance into your checking account, you get immediate access to your checking account balance. (If you had deposited your pay into checking, you would have had to wait for your deposit check to clear.) (2) By funneling your current pay through your savings account and transferring out only what you need, you will tend to leave some behind in savings for the future. There will be weeks when you need to transfer all of it back out, or perhaps even draw down your residual savings, but over time you will find that some money tends to accumulate in your savings account through this routine. It is much more likely to accumulate long term savings for you than depositing your pay into checking and transferring to savings only what is left after your cumulative spending for the period.