Open a separate account to keep your hands off some of your cash. Use your checking account for regular expenses, including rent, utilities, food, clothing and even entertainment. But think of your savings account as off limits.
If you set up automatic transfers to your savings account, you won't even notice the money is missing from your checking account. And by paying yourself first, you avoid spending everything and having nothing left over to save.
It's true that living in a low-interest-rate world makes it harder for your savings to grow. Find banks offering the highest rates at Bankrate.com, and look for accounts with no required minimums and no fees. As of late January, Ally's savings accounts fit the bill, yielding 0.84% with no required minimums and no fees. Sadly, 0.84% qualifies as "high yielding" these days, but it's better than nothing, and it keeps your money secure. But, as Boynton notes, "with interest rates so low, you need to be saving even more."
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