Bank account skimming is a very simple money-saving trick that can help save you hundreds of dollars every year, if not thousands!
Let’s face it, saving money is hard work. You may have intentions of putting away a set amount each week only to have another expense pop up and then the money you intended to save goes to buy your son a new pair of shoes, or pay the appliance repair guy, or the latest school fundraiser, etc.
So, What is Skimming exactly?
Well, in business matters hearing the word “Skimming” generally means that someone is stealing money off the top, unnoticed (for a while).
In this case, however, skimming is taking that principle – taking a little off the top and saving it- and it’s perfectly LEGAL.
How to Start Skimming
In order to start skimming, all you’ll need is access to your bank account and savings account online. This is relatively simple, you probably already have online banking.
Log into your bank account, how much money do you see in your checking?
Chances are you have an odd amount with a few cents at the end, for example
Let’s say your current balance is $228.76
If you’re doing Ok financially– round the amount down to the nearest $10 and transfer the $8.76 to your savings account.
If you’re struggling a bit more and money is tighter than that, round your balance to the nearest $5 and transfer $3.76 to your savings.
If, financially, you can do it, skim your account several times per week- every time you log in to your account and there isn’t a balance ending in zeros. For example, at the end of any day where you know for sure that you’ve used your debit card for transactions.
Also, If you do this every single time you make a deposit into your account, you could easily save several hundred dollars per year, painlessly.
If you think you may forget to skim your account, set a reminder for yourself on your phone on payday or if you use your debit card frequently, set the reminder for every other day.
Last year we saved $2,312 by “skimming” our bank account on a regular basis. If you’re ready, check out 5 more tips to automating your investing!
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