Last year when I returned to work and knew that baby #3 was on the way, I decided to have $250 taken out of my paycheck and automatically deposited in my savings account in a different state. That adds up to $500 a month.
I had been reluctant to do this previously because I thought I needed the money. However, knowing I wanted to stay home with my kids motivated me to finally make this change because what I really needed was a healthy emergency fund.
I’ll be honest and tell you the dip in take home pay was difficult to get used to at first, but within 3 to 4 paychecks, I adjusted to my new take home salary. Now I don’t even think about the money being sent to my savings. Meanwhile, the amount is steadily climbing, and because I do not have any access to the money unless I ask my mom to take some out and send it to me, I am not tempted to dip into it.
Have you tried to automatically send a portion of your check to a savings account? Trust me, in a month or so you will not even miss the amount and your savings will grow.