![]() When you automate your savings, it’s easier to ‘pay yourself first’ when that paycheck comes in, explains Beverly Harzog, credit card expert and author of The Debt Escape Plan. This can help you prioritize your savings contributions, reducing the temptation to spend those funds without planning ahead. Benefits of automating your savingsĪutomating your savings can turn your savings deposits into another monthly expense. If you fall into this camp, now may be just the time to automate your savings. The challenge here is that you likely won’t have a consistent amount being deposited into your savings account every paycheck, which means your savings contributions will be… at best …fairly unpredictable. Many people fall into the habit of saving only what is left over after paying their living expenses and covering the cost of discretionary purchases. Whether you get paid every two weeks or on a monthly basis, you may have a hard time regularly setting aside money for a savings account or even a retirement fund. Automating your savings could be just what you need to get your finances in tip-top shape to ensure you reach your savings goals. ![]() But that doesn’t mean you can’t get ahead of the savings game. It’s easy to get off track and save less than you intended when you’re not consistently saving a portion of every paycheck. Saving money may not feel like your strong suit.
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