Automate your savings from "summary" of The Automatic Millionaire Workbook by David Bach
The key to building wealth is to make saving automatic. This means setting up a system where a portion of your income is automatically transferred to your savings or investment accounts before you even have a chance to spend it. By automating your savings, you remove the temptation to spend the money instead of saving it. This simple strategy is incredibly powerful because it takes willpower out of the equation. Instead of relying on your self-control to save money, you rely on a system that works for you in the background. To automate your savings, start by setting up an automatic transfer from your checking account to your savings account every time you get paid. You can specify a fixed amount or a percentage of your income to be transferred. This way, you are consistently saving a portion of your earnings without having to think about it. Over time, these small, regular contributions will add up and grow into a significant ...
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