Why You Should Automate Your Savings (and How to Do It)

By Tom Nonmacher

Hello, fellow savers! If you're anything like me, you love the thrill of saving money. It's like a game, right? How much can we save this month? How can we cut costs without sacrificing quality? Today, I want to share with you one of my favorite money-saving techniques that I've been using for years: automating my savings. Not only is it a huge time-saver, but it also guarantees that I stick to my savings plan each month.

Why should you automate your savings? Simply put, because it works. It takes the guesswork out of saving. Instead of wondering if you'll have enough left at the end of the month to put into savings, automation ensures that a predetermined amount is saved right off the top. It's like paying yourself first. This method ensures that saving is given priority, not an afterthought.

Automating your savings also helps to make saving money a habit. And let's face it, habits are hard to break. Once you start seeing your savings grow month after month, it can be quite motivating. It becomes a challenge to keep the momentum going. Plus, it removes the temptation to spend that money elsewhere. If it's automatically moved into a savings account, it's less likely to be spent on impulse purchases.

So, how do you automate your savings? It's quite simple, actually. Most banks offer automatic transfers between accounts. You can set up a fixed amount to be transferred from your checking account to your savings account on a specific day each month. If your paychecks are directly deposited into your checking account, you might choose to have the transfer occur on payday. This ensures that the money is moved before you even have a chance to spend it.

Another way to automate your savings is by using a "round-up" app. These apps connect to your bank account and round up your purchases to the nearest dollar. The excess change is then automatically transferred into a savings account. This is a great way to save without even realizing it. Think of it as a digital version of the old "save your change" trick.

Automating your savings is a simple, effective way to consistently save money. It's a set-it-and-forget-it method that guarantees you are saving each month. So why not give it a try? Set up an automatic transfer or download a round-up app today. Your future self will thank you.

Remember, every little bit counts when it comes to saving money. Whether you're saving for a rainy day, a vacation, retirement, or just trying to build a financial cushion, automating your savings can help you reach your goals faster. Happy saving!

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