Mar 6 • 💬 General discussion
Automate Your Savings ?
Gentlemen,
Let's talk about something we all want more of financial freedom and a key part of that is consistent savings and compound interest. Look, we're busy, who has time to manually move money around every month? That's why we automate!
Here's the deal: automating your savings takes the willpower out of the equation. It's about setting it and (almost) forgetting it.
Here's how I'm automating mine:
- Direct Deposit Split: My paycheck automatically sends a percentage directly to my brokerage account before it even hits my checking. This is a game-changer. I don't miss it if I don't have it.
- Recurring Transfers: I've set up weekly or monthly transfers from my checking to specific accounts that are goal oriented (emergency fund, vacation, etc, even if its just 2-3% it's worth it).
- Round-Up Apps: Apps that round up your purchases and invest the difference. It's small change, but it adds up quickly I use CashApp (I'd rather use something else so please help).
- Automated Investment Contributions: I've set up automatic contributions to my 401(k) and Roth IRA. Just started doing backdoor Roth to maximize savings something I haven't done before, I'm sure future me will thank me.
I want to hear from you:
- What automation strategies are you using?
- What tools are your go-tos for automating savings and investments?
- What is the best return on investment you have seen from automating savings?
Let's share some knowledge and help each other build a stronger financial future.
Looking forward to your insights!
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Automate Your Savings ?
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