This Online Bank Can Help You Save Your Money Without Noticing

chime bank
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I’ll be the first to admit, I’m better at spending than I am at saving.

I’ve got bills to pay and places to be, and that makes it hard for me to save up a nice little nest egg.

It’s like I have to trick myself into doing it. I have to outsmart the primitive lizard brain inside me that’s ready to burn through all my cash.

That’s why saving for retirement with an automated 401(k) plan works for me. Those 401(k) contributions get taken out before I ever see my paycheck. I never see that money, so I’m never tempted to spend it.

But what about saving money outside your retirement fund? What about socking something away for an emergency? How about saving for a car or a wedding or a down payment on a house or an amazing vacation, or for whatever else you want?

Me, I’ve gotta trick myself. If I really want to save that money, then I’ve got to put it somewhere other than my wallet, where I guarantee it will get spent.

Just like with my 401(k) contributions, I have to automate it.

Tricking Yourself Through the Miracle of Automation

There are easy ways to set up automatic withdrawals from your checking account into your savings or retirement accounts (or, even better, both!).

One way to do this is to push 10% of your paycheck into a separate, hands-off account with Chime Bank, which helps you automatically save every time you get paid.

The FDIC-insured account comes with more than 24,000 fee-free ATMs, zero overdraft fees and doesn’t require a minimum or monthly payment.

Plus, when a slice of your paycheck gets automatically funneled into your secret stash, well… what you don’t see, you won’t miss, right?

Another plus: If you sign up for direct deposit, Chime gives you access to your money immediately. So you can get paid up to two days earlier, unlike many other traditional banks.

Chime also has a feature that helps you save when you spend. It rounds up your purchases to the next dollar and puts the difference into your savings account.

Really, this is about taking financial control away from your primitive lizard brain and its yearning for shiny, shiny things.

This is about letting your brain’s frontal lobe use its higher cognitive functions to formulate and execute a successful, long-term savings strategy.

In other words, it’s a wicked sneaky ninja move against the lizard brain.

It’s a Jedi mind trick you use against yourself.

I’m not even kidding here, people. This kind of thing is all that works for me.

Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder. His lizard brain is mighty.