Savers have it lucky. Saving is easy for them because they actually enjoy it.
The rest of us have to trick ourselves into saving…manage the manager, so to speak.
So if your New Year’s resolution is to save more and you’re not a saver, here’s an easy life hack to keep it up after your resolution loses its shine.
Put it on autopilot.
You don’t miss the money you don’t see, so hide it before you spend it.
If you don’t have a 3-6 month emergency fund, set up an automatic monthly transfer from your checking account until you do.
If you have your emergency fund, but aren’t maxing out your HSA, then increase the contribution %.
If you’re maxing out your HSA, but not your 401k then increase the contribution %.
If you’re maxing out your 401k, but not your 529 Plan then increase the automatic monthly transfer.
If your college bucket is full, then set up automatic monthly transfers to a brokerage account.
And the bonus prize is you’ll get accustomed to a more modest lifestyle. After all a dollar saved is a dollar not spent. So when the day comes and you’re living off your savings, that dollar will go a lot further.
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