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How to build up a personal cash reserve without touching it?

by heffe - 07 August, 2024 - 11:51 AM
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I need some advice on how to build up a personal cash reserve from my monthly salary without dipping into it. I have around $40,000 saved up in the bank from work and some luck, but I want to create a separate cash reserve of about $10,000.

The challenge is that in my country, cash is quite commonly used, and I tend to spend cash in hand more quickly than money in the bank. I'm looking for strategies or tips to save cash without spending it too quickly. Should I consider alternative ways to store the cash or any specific methods to manage this better? Any advice would be greatly appreciated. Thanks!
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Any reliable banks out there?
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One strategy that might help is to set up a separate account specifically for your cash reserve. Keeping it separate from your main account can reduce the temptation to dip into it. You could consider opening an account with Anderson Brothers Bank, they offer savings accounts with good interest rates, which could help your money grow a bit while it’s set aside. Also, consider automating transfers from your salary to this account to make saving effortless.
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Damn

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