It used to be that a company in Dallas or Detroit only had access to talent in that local area. Today, due to remote working, companies can find the best candidates for the job no matter where those people live.
If you’re looking to build (or rebuild) your savings account, taking on a part-time remote job may be just the thing you need. Here’s a look at the ways you can use your new income source to tuck more money away.
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Automate the process
When it comes to building a savings account, here are three big tips:
- Decide how much you can put away from each paycheck, and be consistent. The easiest way to do this is automatic deposit. Most banks allow you to automatically have part of your paycheck transferred to savings as soon as your paycheck hits your account.
- Create a monthly budget that does not include money earmarked for savings. Let’s say you bring home $1,200 through your part-time job, and want $600 of it to go into savings. As you budget to pay bills, imagine that $600 is unavailable to you.
- Don’t over-celebrate. A funny thing happens to most of us when we get a new job, particularly if we haven’t had one in a while. It feels so good to have income that we’re tempted to do things like eat out more, buy new clothes, or take a trip. While it’s fine to do anything you can afford based on the money you’ve budgeted for everyday living, do not celebrate using funds intended to build your savings.
A two-pronged approach
As you build your savings account, also look for ways to cut down on your cost of living. Here are simple ways to increase the amount you have available to save each month:
Turn off auto-renewals
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