Over the years, I’ve observed a few things about people who are good savers. It’s not because they are the most frugal, have a budget that accounts for every single penny or make high salaries. Their strategy is simple: Make it automatic.
Putting your savings on autopilot simply means that you have set up a recurring amount to be deducted from your paycheck or checking account every pay period or per month. When I first started automating my finances I set up what Jacquette Timmons, founder of Sterling Investment Management , refers to as a “no-matter-what savings strategy.” I committed to saving a fixed-amount regardless of how my financial life changed. The biweekly savings started as low as $50 per month until I was able to work my way up to saving 15%. Odds are, you won’t even miss the money.
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