Automate Your Savings: Foolproof Way to Wealth
Who has the time to remember to save? No one. That’s why you should automate your savings.
Why should you stress and worry about putting money aside every single month? The answer is, you shouldn’t and you don’t have to if you automate your savings.
Many financial experts will tell you that you should “pay yourself first”. What that really means is that when you get paid, you should set funds aside right away for both your short term savings as well as for your retirement.
Your bank can help you set it up so that every time you get paid, a small amount is automatically moved into your savings account. Some banks will allow you to choose between a fixed amount or a fixed percentage of your pay to be transferred to your savings.
When you’re saving automatically, trust me you won’t even miss the funds that are being saved up for you. In a short period of time, you’ll be surprised at how much money you will have amassed.
I often hear people say, “I don’t save because what would be the point in saving just a few dollars?” Actually that is exactly the point! A few dollars contributed on a regular basis, is the foolproof way to wealth. Just automate your savings!
You should be saving for the items and experiences you want in life. If you aspire to have an expensive purse, a car, or a computer, want to go back to school or enjoy an exotic vacation, you need to save for it and have the funds available before you make the purchase. You may want to consider having sub savings accounts labelled and have funds automatically go into those accounts every single month.
Before you know it you’ll be strutting off to Bali with your Louis Vuitton suitcase, confidently knowing you had the funds to pay for it!