6 Ways You Can Start Stacking Your Savings Account Now
It seems like the way money is flowing, people are being much wiser with their funds. But saving money is a completely different beast, as it calls for a different type of discipline.
It might be super easy for some to save for a girls' trip or an Hermes bag. But what about tossing money into your savings account for an emergency fund or just to have a cushion?
Life has shown that you don't need it until you do. And unless you're saving, there's a good chance you won't have it. Having a savings account might seem impossible, especially considering student loans, car notes, and other immediate things that take our budget's attention. But there are quite a few ways you can start stacking your savings account now without feeling like your money would be better spent elsewhere.
Set A Goal
Whether you're saving for an emergency fund, a down payment for a home, or any other major life moments, set a goal. That way you not only have something to reach for, but also feel accomplished once you reach your goal. This also takes into account unexpected expenses. Once you do accomplish it, set a higher one and keep stacking. Ultimately, you're never done saving. It's just a matter of how much you have in your account.
Let Your Savings Account Keep the Change
Many banks such as Bank of America offer a Keep the Change feature or something similar that will help boost your savings account without you even missing your money. It simply rounds up the amount you spend to the nearest dollar and automatically puts it in your savings account. For example, if you spend $12.75 on a purchase, .25 will be put in your savings account. The cool thing about this is that you can start competing with yourself. I had a friend who would try to spend as close to the .00 dollar point as possible (i.e. $12.01), so she could have the maximum amount be transferred to her savings account. It's just a little change here and there, but it will definitely add up and make the difference.
Schedule Time To Budget
Setting aside time in your schedule to go over your budget can really feel mundane, especially if you're not a numbers person. But knowing where your money is going can help you stack your savings account even more. Plus, you really won't know how much you can save without doing your budget. And the more often you do it, the less time it will take as you start to get familiar with your spending habits. Once you determine how much you can save each paycheck or each month, set up alerts to transfer the money into your savings.
Automatically Have Money Deposited
Thankfully, most banks require you to have a certain amount in your savings account at all times to avoid being charged a fee. You can take things a step further and have a small amount, like $25, be transferred automatically each month or each pay period. If it's automatic, there's a smaller chance of you actually realizing that it's gone or missing it. Another tip would be to have a percentage of your paycheck be directly deposited into your savings account. That way, each time you get paid, you won't even see a certain amount go into your checking account. This will help you be able to budget without it and create a habit of saving.
Avoid Eating Out
I remember one time I looked at my bank statement and was literally shocked at how much I spent on food. Most of the time it was just a snack here and there or going out for ice cream, but that stuff adds up. Once I started putting more money into groceries and less into eating out, I saved a ton of money. This could be a good move for you if you're looking for ways to start building up your savings account. On those days when you would eat out, put that money into your savings instead, and bring a lunch. If you're going out with a group of people, you could also eat a heavy dinner at home and just get dessert or an appetizer at the restaurant and put what you would have spent in your savings. Just like it added up on my bank statement, it'll add up in your savings account. Side note: Having an entertainment portion in your budget is helpful to avoid spending more money than you want to.
Have A Change Jar
This one definitely determines discipline. But similar to the keep the change suggestion, it works; especially if you tend to carry more cash instead of a debit or credit card. For this tip, you just need to have a jar designated for cash and put all of your change in it at the end of the day. If you really want to get aggressive with savings, add your $1, $5, or even $10 bills that you have in your wallet (or in your car) at the end of the day to see a bigger impact over a shorter amount of time.
Featured image by Micheile Henderson on Unsplash
- 4 Ways I’ll Continue To Save Money Post-Quarantine - xoNecole: Women's Interest, Love, Wellness, Beauty ›
- How To Start A Budget - xoNecole: Women's Interest, Love, Wellness, Beauty ›
- Smart Life Hacks To Save Money And Enjoy Life - xoNecole: Women's Interest, Love, Wellness, Beauty ›
- 14 Hacks That Will Save You a Ton of Money ›
- 7 Money Saving Life Hacks You Should Know - YouTube ›
- 81 MoneySaving Life Hacks - Money Saving Expert ›
- 21 Money-Saving Life Hacks That Totally Work ›
- 30+ Money Saving Life Hacks - The Practical Saver ›
- 15 Totally Genius Money Saving Hacks That Will Blow Your Mind ... ›
- How To Build Savings: 15 Awesome Money Saving Hacks | Busy ... ›
- 7 kick-ass savings hacks that will make you RICHER in 2018 ›
- My 25 Favorite Money-Saving 'Life Hacks' - The Simple Dollar ›
- 35 Life Hacks That Will Save You Thousands | HuffPost ›
Charmaine Patterson is a journalist, lifestyle blogger, and a lover of all things pop culture. While she has much experience in covering top entertainment news stories, she aims to share her everyday life experiences, old and new, with other women who can relate, laugh, and love along with her. Follow Char on Twitter @charjpatterson, Instagram @charpatterson, and keep up with her journey at CharJPatterson.com .
ItGirl 100 Honors Black Women Who Create Culture & Put On For Their Cities
As they say, create the change you want to see in this world, besties. That’s why xoNecole linked up with Hyundai for the inaugural ItGirl 100 List, a celebration of 100 Genzennial women who aren’t afraid to pull up their own seats to the table. Across regions and industries, these women embody the essence of discovering self-value through purpose, honey! They're fierce, they’re ultra-creative, and we know they make their cities proud.
VIEW THE FULL ITGIRL 100 LISTÂ HERE.
Don’t forget to also check out the ItGirl Directory, featuring 50 Black-woman-owned marketing and branding agencies, photographers and videographers, publicists, and more.
THE ITGIRL MEMO
I. An ItGirl puts on for her city and masters her self-worth through purpose.
II. An ItGirl celebrates all the things that make her unique.
III. An ItGirl empowers others to become the best versions of themselves.
IV. An ItGirl leads by example, inspiring others through her actions and integrity.
V. An ItGirl paves the way for authenticity and diversity in all aspects of life.
VI. An ItGirl uses the power of her voice to advocate for positive change in the world.
Let’s make things inbox official! Sign up for the xoNecole newsletter for daily love, wellness, career, and exclusive content delivered straight to your inbox.
How To Tell If You're Disciplining Your Child Or Seeking Revenge
When discussing the topic of raising children, discipline is often the first thing that comes to mind. Children need discipline. Full stop. But what is discipline? And how do we draw the line between discipline and revenge?
The origin of the word "discipline" can be traced back to the Latin word "disciplina," which means "instruction" or "teaching." Over time, however, discipline has come to be synonymous with punishment, with parents relying on shame, fear, and/or physical pain to curb undesirable behavior.
Teaching takes time, so nipping it in the bud in whatever fashion parents deem necessary (within reason) has become the norm. But is this what’s best for children? And when does it become less about curbing undesirable behavior and more about getting our licks back for offenses we feel our children should know better to do?
In my work as a parenting coach, I’ve often heard parents say, “I asked him nicely three times before spanking him. He didn’t stop doing it until I did, so clearly talking doesn’t work.”
And the parent isn’t wrong. Talking often doesn’t work the first, the third, or the even the 10th time. And the reason is directly tied to brain development.
Children cannot and do not process information the way an adult can. Auditory processing is not fully developed until a child is 14 or 15 years old. And even then, if a child has auditory processing delays or Auditory Processing Disorder (APD), they may always struggle with processing auditory commands. According to Susie S. Loraine, MA, CCC-SLP, the term auditory processing refers to how the brain perceives and interprets sound information. Several skills determine auditory processing ability—or listening success. They develop in a general four-step hierarchy, but all work together and are essential for daily listening.
Without this understanding, discipline can easily become revenge because parents will then view their child’s misdeeds as a personal slight. Instead of teaching them to do better, parents now want to show them the consequences of not doing better. This is why it's imperative for parents to discern between discipline and revenge to maintain healthy relationships with their children.
5 WAYS TO DISTINGUISH BETWEEN PARENTAL GUIDANCE AND RETALIATION:Â Â
​Understanding The Intent
Discipline is rooted in love and concern for the child's well-being. It focuses on teaching lessons and helping children understand the consequences of their actions. Conversely, revenge-driven actions stem from a desire to inflict pain or punishment as payback for perceived slights or disobedience. Parents should reflect on their motives before taking disciplinary actions. Ask yourself whether your intention is to help your child learn or to make them suffer for upsetting you.
Example: If a child accidentally breaks a valuable item, a disciplinary response would involve discussing the importance of being careful and working with the child to come up with a way to replace or fix what they’ve broken. On the other hand, a vengeful reaction might involve yelling, harsh punishment, or bringing up past mistakes to intensify guilt.
​Maintaining Emotional Regulation
Effective discipline requires parents to remain calm and composed, even in challenging situations. It's natural to feel upset or frustrated when children misbehave, but responding with anger or resentment can escalate the situation and blur the line between discipline and revenge. Before addressing the issue, take a moment to breathe and collect your thoughts.
Example: If a child cannot follow instructions, a disciplined response would involve calmly explaining why their cooperation is necessary in working with the child to accomplish the goal. Conversely, a retaliatory response might involve shouting, name-calling, or resorting to physical punishment out of anger.
​Promoting Growth and Learning
Discipline should always aim to promote growth and learning. It involves guiding children toward making better choices and understanding the impact of their actions on themselves and others. Effective discipline strategies include positive reinforcement, setting clear expectations, and providing opportunities for reflection and growth.
Example: If a child repeatedly forgets to complete their chores, a disciplinary approach would involve discussing the importance of responsibility and finding solutions together, such as creating a chore chart or setting reminders with Siri or Alexa. In contrast, a revenge-driven response might involve imposing overly harsh punishments or belittling the child, which can undermine their self-esteem and hinder their ability to learn from their mistakes.
Momo Productions/Getty
Building Trust and Communication
Trust and open communication are essential components of a healthy parent-child relationship. Discipline should strengthen this bond by fostering trust and encouraging children to confide in their parents without fear of judgment or retaliation. When children feel safe and supported, they're more likely to accept discipline as a form of guidance rather than punishment.
Example: If a child admits to breaking a rule or making a mistake, a disciplined response would involve listening to their perspective, discussing the consequences of their actions, and working together to find a solution. Conversely, a retaliatory response might involve accusations, blame, or shutting down communication, which can erode trust and damage the parent-child relationship.
Seeking Professional Guidance
Parenting is a learning journey, and, disciplining children is a delicate balance between guiding them toward responsible behavior and nurturing their growth. By understanding the intent behind our actions, maintaining emotional regulation, promoting growth and learning, building trust and communication, and seeking professional guidance when needed, as parents we can help our children built on love, respect, and understanding.
Let’s make things inbox official! Sign up for the xoNecole newsletter for love, wellness, career, and exclusive content delivered straight to your inbox.
Featured image by Courtney Hale/Getty Images