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How to Stay Disciplined with Your Savings

How to Stay Disciplined with Your Savings
How to Stay Disciplined with Your Savings

Staying disciplined with your savings is just as important as staying disciplined with your family budget.

When you open a savings account, you are given a passbook. Every time you make a deposit or withdrawal, the amount is recorded in the passbook.

Let’s say, for example, that you have an online business where payments are made to you through PayPal and then transferred to your savings account.

While you may know how much you have deposited into your account utilizing a PayPal printout, it is still important to update the passbook whenever possible. This way, you can be sure that the funds you have deposited are noted in the passbook. You also want to receive the quarterly interest from your bank.

Unlike a family budget where you have to record expenditures and income, the passbook does the work for you. Each time you make a deposit or withdrawal, it is duly recorded.

The discipline needed is in cases when you cash a paycheck and set aside money to deposit into your savings account. Both can be accomplished in one visit to the bank. If you keep deposit slips in the glove compartment of your car or in your purse, you can easily make the two transactions at the same time.

On the other hand, if you merely cash your paycheck at the bank and take the money home, there is no inducement to fill out the deposit slip until another day. Perhaps you decide that you do not want to deposit the amount you initially set aside. Or perhaps you have a deposit slip already made out but decide to rip it up because you need a few extra dollars for something else.

Let’s face it; we have all been guilty of changing those deposit slips – even with the best intentions. But doing so sets a pattern for future deposits. This is where the discipline part of saving can make all the difference.

In these difficult economic times, we cannot afford to change the numbers that can adversely affect our savings. If the household budget calls for depositing a certain amount of money into the savings account, then that is the amount that needs to be deposited. No ifs, ands, or buts.

It’s quite easy to say we will make up the difference the following month, but the odds are that will never happen.

If you have a budget that requires a specific amount of money to be deposited in the bank weekly, bi-monthly, or monthly – try to stick to the budget. That is the true test of discipline and your willingness to abide by your own financial policy.


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