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Set up automatic savings from "summary" of I Will Teach You to Be Rich: The Journal by Ramit Sethi
Setting up automatic savings is one of the most powerful tools you have in your financial arsenal. By automating your savings, you remove the need to rely on willpower or discipline to set money aside each month. Instead, your savings are taken care of automatically, without you having to lift a finger. This not only makes saving easier, but it also makes it a consistent habit that you can rely on. When you set up automatic savings, you are essentially paying yourself first. This means that before you have a chance to spend your money on other things, a portion of it goes straight into your savings account. By making savings a priority, you ensure that you are building wealth for your future, rather than just living paycheck to paycheck. In order to set up automatic savings, you will need to link your checking account to your savings account. This can usually be done easily through your bank's online banking system. Once your accounts are linked, you can set up a recurring transfer from your checking account to your savings account. This transfer can be set up to occur on a regular schedule, such as every week or every month. By setting up automatic savings, you are creating a financial routine that will help you reach your money goals faster. You won't have to think about saving each month, because it will happen automatically. This can give you peace of mind knowing that you are consistently building your savings, even when you're not actively thinking about it.- Setting up automatic savings is a simple yet powerful way to take control of your finances and build wealth for your future. By making saving a priority and automating the process, you can ensure that you are consistently putting money away for your goals. So, take the time to set up automatic savings today and watch your wealth grow over time.
