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How to Save: Turn $5 into $100 in 1 Year

Saving part of your income is easier than you think.

Our headline mentions turning $5 into $100. That doesn’t sound like a lot, but over a year’s time you’ll have increased your savings by 2,000 percent! Now that’s something to think about.

Save more than $5 each week and you could see yourself saving $500, $1,000, $3,000 or possibly even more in a year.

 

How would your life change with a savings account total of $3000 a year from now?

We imagine it would feel pretty good!

No more worrying about having to find the money to get your car repaired. You could take your family on a pretty nice vacation. You could put that money aside for a home down payment. You could start saving to start that business you’ve always wanted to start or save for a child’s college education.

 

How much would you have to save each month to have $3,000 in one year?

Just $250 a month. Or $60 a week

We get it: saving $60 a week can be hard.

For example, some of our positions here at Hire Dynamics pay around $12 or $13/hour (for material handlers, packers, etc. in distribution centers). That comes to $480 or $520/week for a 40-hour work week. Once taxes are taken out, that comes to a bi-weekly take-home check of around $850.

With an average rent for a two-bedroom apartment of $793/month (we’re looking at rents in Georgia as a pretty average example), rent alone takes up most of your paycheck.

But what if you saved just $10 or $15 or even $20 from your paycheck?

Twenty dollars saved every paycheck (or 26 times a year) comes to $520. That’s definitely something!

 

Our point? Even just a little bit goes a really long way when saved each and every pay period.

Still, saving truly is hard.

But you definitely can make it easier to save.

Here’s how.

 

Make saving automatic and make it so you actually don’t have to make the “effort” to save it.

That is, set up automatic transfers to a savings account using online banking.

Chances are good that you have your paycheck deposited directly into your bank account. So instead of having all your net pay deposited into your checking account, open up a savings account with your bank. Then, access your online banking portal. There will be a section of the site dedicated to making transfers. In that same section, there should be a place where you can designate the frequency of the transfer. You can do a one-time transfer, but we recommend making the transfer reoccurring weekly, every two weeks or twice a month—whatever makes the most sense with your pay day timeline.

By doing this, a portion of your checking will be automatically sent to your savings without you even lifting a finger!

 

It’s human nature that people find it really hard to save money.

That’s why “tricking” yourself into saving by automatically putting aside a certain amount each pay period that you can’t get a hold of easily is a terrific way to get around your very human nature and save some money!

In addition, if you can’t see it, you won’t miss it! Really!

Believe it: 12 months from now, older you will be glad that you did this “now”!

If you’re not yet working with us, contact your closest branch to speak with an experienced staffing specialist who can walk you through our current openings so you can start saving right away.