Paycheck question
- Thread starter Johnny815
- Start date
barnyard
KTM rider
Another option is to add another account to your DD. It cannot be done online, has to be done on paper. I have $200/wk sent to a savings account that is not tied to my checking. When I have a car payment, it is deducted from that account. Right now, no car payments, so it is just getting bigger. It has been a couple of years since I increased that weekly amount and figured after the 1st of Jan, I would bump it to $250/week.
Because it is not tied to my checking account, I do not dip into it and it builds up very nicely.
Because it is not tied to my checking account, I do not dip into it and it builds up very nicely.
UpstateNYUPSer(Ret)
Well-Known Member
barnyard gave the right answer.
UpstateNYUPSer(Ret)
Well-Known Member
I don't think so---I think if you delete the account you will start receiving a paper check.
To the OP--listen to what barnyard said. He gave you excellent advice.
Johney
Well-Known Member
Isn't that what the o/p wanted?
UpstateNYUPSer(Ret)
Well-Known Member
The OP wants to start saving money---give this kid a paper check and it will burn a hole in his pocket. What he needs is to keep his DD, open a savings account, add it to his DD and designate an amount to go to savings each week.
barnyard
KTM rider
It is, but if the OP is having a hard time saving, the key is to stash some before it hits their checking account, preferably in an account not tied to checking.
Mine is at a different bank. Actually a credit union.
Most financial planners say that in order to save, you have to 'pay yourself 1st.' For me, the only way to do that is with a payroll deduction that automatically goes into savings. If you check your checking account balance online frequently and 'only spend what is there,' you will not spend the savings.
Whatever. It has worked for me since I started at UPS.
The other thing I do, I check my checking account balance on Thursday night. If it is over $1,000, I transfer anything over 1k to my home loan. Otherwise, my checking gets bigger until I have to buy that gun that was a good deal or something stupid like that.
Johney
Well-Known Member
That sounds like the best plan.
You can only stash them for so long then they become worthless and you have to have get them to reissue another one. You going blow money whether or not you have DD or not. The problem isn't DD the problem starts with you. You need to change your habits and live within your means.
Why don't you split the DD between 2 account a checking and saving account. Or two savings account at different banks / Credit unions.
What'dyabringmetoday???
Well-Known Member
It is almost as if Suze Orman got a hold of your password.
brownmonster
Man of Great Wisdom
UpstateNYUPSer(Ret)
Well-Known Member
...without the religious overtones...
barnyard
KTM rider
The beauty part of my credit union savings is that I have been able to pay cash for the last 3 dirtbikes I bought. Plus, we have a cushion, which has come in handy. Like when we found out we have to replace the sewer line that goes from our house to the line under the road. Until I started doing the 'automatic saving' thing, I would never have had $2500 to cover the bill.
Brownslave688
You want a toe? I can get you a toe.
I'll go a step farther and say that he should have money directly taken from his paycheck into a 401k or an auto withdrawal from checking to an Ira. It's very easy now days to transfer or spend that money in savings.
Johney
Well-Known Member
That's a good idea also.
I not sure the OP is want to save money for retirement. The OP has control his spending by making better choice. Putting money into a IRA or 401K is going the OP more money when he makes and early withdrawal and gets hit with penalties... The OP will make a early withdrawal because trying to hide money with out fixing the underlying problem.
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