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How to Make Saving Money Automatic & Easy, to Save More Money!
One of the best ways to save money, is to make it automatic.
If you are an employee who gets paid by direct deposit, you can have it set up, so each paycheck a certain percentage or a certain amount is put into another account automatically, each time you get paid. I think this is one of the best ways because you aren’t physically doing it yourself, but yet the money is going into another account.
What I love about this is that you actually change your spending habits subconsciously because now you are receiving a little bit of a lesser amount into your chequing account, you become a smarter spender and you adapt to your new lower amount. You can change this amount depending on your life circumstances which is great. Most of the time all of this is done over the computer which makes it super fast and convenient.
I think this is a great way to save money and you could literally start by just putting $10 a month away off of your cheque. The reason I love and encourage people to do this even if it is only $10 or $25 a month to start, is because it is getting you into the habit of saving. It is getting you into the habit of having it come out of your account automatically. You already have it set up for your account and it is so easy to increase it from here as your money situation improves. It is all about habits and it is a fantastic way to begin a positive money habit.
I personally have done this and loved having money taken off automatically from my paycheck as well as many other people I know. This works especially great for people who struggle to save money and take it out of their account as soon as they get paid to “pay themselves first,” instead of waiting until the end of the month and only then if you have money left over, putting it into savings. Making your money automatic like this can really increase the amount of money that you are able to save!
This strategy is one of the ways I was able to save $200,000+ by age 26.
If you are self employed and can’t have someone else take the money off your cheque before it gets to you, consider setting up an automatic transfer from your chequing account to your savings account every single month. That way, it isn’t up to you to remember or decide if you are going to transfer money into your savings, it is streamlined and it is happening automatically for you!
If you want some more tips for getting your debt paid off quicker, download my free “4 Steps to Pay Off Your Credit Card Debt” E-book, this gives you more in detail, the step by step actions to take, to get your debt paid off much quicker than you currently are right now.
So the reason I am going to share this next point with you is that this statistic really bothers me. 31% of non-retired people have $0 in retirement savings which is an incredibly scary fact.
So I want to give you a tip for this. If you are an employee, find out if your company will match a certain percentage of the funds that you put into your retirement fund through work. Some companies will match around 5% give or take. Meaning, if you put 5% of your income away into a retirement fund that you cannot touch, that they will match that, they will also put 5% away. This is basically free money. You put 5% away but you are getting 10% because of what they have matched. If putting the maximum amount away that they will match scares you, start with 1% because then at least you will be getting an additional 1% put towards your retirement that you yourself didn’t have to save. You can increase it from there.
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Want to find out where you really stand financially? Watch my Pyramid of Financial Clarity video to find out!
Do you have it set up automatically to have money taken off of your cheque or to transfer automatically to another account? Do you take advantage of your company matching your contribution to your retirement? Comment below, I will reply back to you!
I am very active on Instagram, follow me here for more financial tips & tricks: @mandyythomas