Royal Oak, MI · Member since 2017 · 9 posts · 5 votes
7y
@Kevin Ekmark, What's working well for me is to set up a separate savings account from a different bank so it's not easily accessible. It forces you to think about it before withdrawing it to pay other expenses. Also, transferring the savings before paying your other bills teaches you that your savings is top priority and forces you to adjust spending to make it work. I do this with my personal savings but it works great with a business too. These concepts are well described in the books "Richest man in Babylon" and "Profit First". Good luck achieving your goals!
Investor · Fresno, CA · Member since 2016 · 222 posts · 237 votes
7y
To add onto @Caleb Coats, if you choose to go this route, use an online savings route. It will put another barrier to removal (takes a few days up to a week for ACH transfers between institutions). It will also have higher interest rates. My US Bank savings is 0.01% I think?! While my Synchrony online savings account has a variable interest rate that started at 1.85% 6 months ago, and is now up to 2.25% annually I believe. As the feds raise interest rates, this will become even more attractive.
Rental Property Investor · Highlands Ranch, CO · Member since 2017 · 5 posts · 1 vote
7y
@Caleb Coats perfect! Yup, big fan of those books. We’re pretty religious about saving, so it’s more of a matter of what’s best for easy access to buy when ready versus interest rate growth/protection against inflation. Appreciate the tips!