Building up a savings account may seem like a daunting task, especially when trying to eliminate debt at the same time. However, having savings is the one true trick for getting out of debt! Some tips to jump start a savings account include:
- Save unexpected funds, such as tax refunds, gift money or bonuses from work, in a separate account.
- If you are paid bi–weekly, you will have 2 extra pay cheques during the year – add them to your savings account.
- If you receive a pay increase, continue your budget as if you were still earning the lower amount.
- Make savings automatic – ask your employer or financial institution to direct deposit a set amount to your savings account each pay day.
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