I think, a system like this already exists in the bank system. I have a friend who has used it for a period of 1 year. So, every month, he is required to deposit a minimum of a few dollars into his automatic savings account. he will not be able to withdraw the money within 1 year. after 1 year has passed, the money he saved automatically goes into his main account. he can choose how long he needs to save, and 1 year is one option.
If that's what you mean, then this really helps someone who isn't very good at saving the money they have. with this system, they are pressured to continue making deposits every month. he will feel it in a certain period of time.
Topic: Automating your savings will help you save more - page 5. (Read 1262 times)
The importance of saving money should be crucial to everyone as it can help in several ways. What if something happens unexpectedly, that emergency money can be used in this situation.
It is nice not having any money owed to any creditors. Or even having to ask for money from relatives or friends when you need it.
That extra savings can be invested and over a period can grow and can build your savings. With those savings, you can have a live comfortably when it comes to retirement age. Knowing all the above is just a peace of mind and a better future.
It is nice not having any money owed to any creditors. Or even having to ask for money from relatives or friends when you need it.
That extra savings can be invested and over a period can grow and can build your savings. With those savings, you can have a live comfortably when it comes to retirement age. Knowing all the above is just a peace of mind and a better future.
It is natural that people will need money in life. When people need money then they meet their money needs from their savings. If we save for a few days and break those savings for our own needs, then we do not see any permanent address for that savings.
Therefore, even if it is necessary for life, you should make a permanent savings. And you should never spend that savings no matter how much you need in your daily life.
For example, it would be better if we divided some part of our income into two savings. When you need, you spend money from any savings and the remaining savings you consider as permanent savings. Thus, if you can, permanent savings will help you a lot in the future.
Therefore, even if it is necessary for life, you should make a permanent savings. And you should never spend that savings no matter how much you need in your daily life.
For example, it would be better if we divided some part of our income into two savings. When you need, you spend money from any savings and the remaining savings you consider as permanent savings. Thus, if you can, permanent savings will help you a lot in the future.
Nice idea, but if the income is mediocre, of course it is difficult. I think if we have extra funds it's very easy for us to post to the items we've been through. For example, in a husband and wife family, both of them have a steady income. wisely they sat down and discussed it. In the end, one of the salaries goes into permanent savings and the other goes into monthly operational fulfillment. Smart person is someone who remembers and is good at managing his money.
Saving is not easy, but not too difficult, and you are right, whether we save or not is due to our discipline. People who always make excuses for low wages, spend more than they earn… all will be excuses if they are not really disciplined in saving. Saving will become easier if people really understand its use and how necessary it is. For me, investing or buying any property will be done after saving, the first thing I always do is have a savings account. If I didn't have enough savings, I wouldn't do anything first.
This is a matter of habit, first you need to learn how to save at least something at the level at which you are now, even if the salary is small, this is just necessary in order to develop the habit of saving.The next step is to increase your earnings, I know it doesn't seem like an easy task, but I think most of us have the ability to make it happen. When you understand that this is possible, then you can save more and also improve your standard of living, this will stimulate try to earn more. Earning more does not always mean more or harder work, you can improve your skills or find a better paying job, there are different ways.
Saving money is easy if you have discipline in yourself because if you don't have what is called discipline, you can't do it, that's for sure. Now, there are others who say how can you save money if your salary or income is not enough.
Of course, the answer to that is still discipline, it's impossible that you can't find a way to save money even if it's only a small amount in reality. It doesn't matter if you're not the one handling the money you're struggling with, I'll understand somehow.
Saving is not easy, but not too difficult, and you are right, whether we save or not is due to our discipline. People who always make excuses for low wages, spend more than they earn… all will be excuses if they are not really disciplined in saving. Saving will become easier if people really understand its use and how necessary it is. For me, investing or buying any property will be done after saving, the first thing I always do is have a savings account. If I didn't have enough savings, I wouldn't do anything first. Of course, the answer to that is still discipline, it's impossible that you can't find a way to save money even if it's only a small amount in reality. It doesn't matter if you're not the one handling the money you're struggling with, I'll understand somehow.
Saving money is easy if you have discipline in yourself because if you don't have what is called discipline, you can't do it, that's for sure. Now, there are others who say how can you save money if your salary or income is not enough.
Of course, the answer to that is still discipline, it's impossible that you can't find a way to save money even if it's only a small amount in reality. It doesn't matter if you're not the one handling the money you're struggling with, I'll understand somehow.
Of course, the answer to that is still discipline, it's impossible that you can't find a way to save money even if it's only a small amount in reality. It doesn't matter if you're not the one handling the money you're struggling with, I'll understand somehow.
As humans, we tend to have a need for immediate satisfaction. These needs keep increasing on dialy basis, if one decide to go by all these needs, one may end up without a saving. Most time we are faced with a decision like whether to spend our money on our daily needs or to save them. Here, we may likely to be biased toward our present selves, so we're likely to make the choice that will benefit us most at that moment which mostly will be buying our daily needs. However, we can overcome present bias by taking away the ability to choose between saving and spending altogether. This is where automating your savings comes in.
What do I mean by automatic saving? Automatic savings is a type of personal savings system in which the plan contributor automatically deposits a fixed amount of funds at specified intervals into their account. The typical structure of this type is an automatic transfer from an individual's bank account into a savings or investment account.
When you automate, you eliminate a decision – to save or not to save. Once you decide to set up auto-save and go through the initial process, that’s all. You keep saving at interval without a need to make a decision on either to save or not. With this one savings keep accumulating with time till one have a reasonable amount.
With automatic savings, ones monthly salary becomes: Salary- Automatic savings amount. With this, one will only calculate is daily needs on the remaining amount rather than calculating on all it's salary.
CONCLUSION
Saving money isn't something easy, it comes with determination and self-discipline but with automatic saving one can easily set his/her saving amount at interval.
What do I mean by automatic saving? Automatic savings is a type of personal savings system in which the plan contributor automatically deposits a fixed amount of funds at specified intervals into their account. The typical structure of this type is an automatic transfer from an individual's bank account into a savings or investment account.
When you automate, you eliminate a decision – to save or not to save. Once you decide to set up auto-save and go through the initial process, that’s all. You keep saving at interval without a need to make a decision on either to save or not. With this one savings keep accumulating with time till one have a reasonable amount.
With automatic savings, ones monthly salary becomes: Salary- Automatic savings amount. With this, one will only calculate is daily needs on the remaining amount rather than calculating on all it's salary.
CONCLUSION
Saving money isn't something easy, it comes with determination and self-discipline but with automatic saving one can easily set his/her saving amount at interval.
That is true saving money isn't easy, and it comes with determination and self discipline. Automating your savings on a monthly basis is one of the most effective way to save more money. It can be done by setting up automatic transfer from your bank account to savings account to ensure that portion of your salary is saved every month without having to think about it. But of course before you set it up make sure that the allotted portion is an excess money on your salary so that your budget for your daily needs will not be compromised.
Automating savings is truly can help us to save more. In an online banking we can set it up that every pay day a portion of our salary will go to savings. We should think that as if we had save something so that we will not be tempted to withdraw what we had saved. If we continue to do that automatic savings, in ten years time we will be surprised on how much we had saved. But if you are a risk taker you will put your automatic savings into bitcoin and other crypto currencies because of the possible profit we might get in long term.
If you have a good management of your funds and yes I agree with you that after several years you'll be surprised from the results of your savings, imagine how many times you'll going to save portions of your salaries each time you received it from your company, though it's not easy as most of the time, you'll check it and be tempted to use it.Financially, it will help you, especially when some emergency happened you have money out of your savings.
it seems like this kind of system has existed in traditional banks for a long time. it's like when you have a program to save $ 100 every month, then every month, your balance will be deducted by $ 100 and sent automatically to your savings. it will continue for several months or years depending on how the agreement you made with the bank. Well, saving in this way is more effective than saving manually. as far as I know, we cannot withdraw the money we have saved until the target month or year that we agreed with the bank is completed.
Automating savings is truly can help us to save more. In an online banking we can set it up that every pay day a portion of our salary will go to savings. We should think that as if we had save something so that we will not be tempted to withdraw what we had saved. If we continue to do that automatic savings, in ten years time we will be surprised on how much we had saved. But if you are a risk taker you will put your automatic savings into bitcoin and other crypto currencies because of the possible profit we might get in long term.
It is really a good idea for those who has not discipline like they kepts spending their money and cant control themselves but for those people who has just enough salary i do say they tend to always save if they can even if it is a small amount since they knew that it can help them in the future. Also those people cant saved even though they have extra money they are forced on it which is good but this is my first time hearing this so i really don't know how the set up on this
Automating savings is truly can help us to save more. In an online banking we can set it up that every pay day a portion of our salary will go to savings. We should think that as if we had save something so that we will not be tempted to withdraw what we had saved. If we continue to do that automatic savings, in ten years time we will be surprised on how much we had saved. But if you are a risk taker you will put your automatic savings into bitcoin and other crypto currencies because of the possible profit we might get in long term.
We know saving is not easy, just learn how to save and become addicted to savings that is when you will enjoy savings, and some reasons for people, the reason why they can not save is because of expensive foods and clothes, but just eat price food and clothes, and the hundred percentage of your salary use eighty or ninety percentage and save ten percentage or twenty percentage every month, the day when an urgent issues occurs use your savings that moment, or mistakes the business collapse or the company drop you out of work, you use your savings for just a small business to maintain your life, that is when you will know saving is helping.
When you automate, you eliminate a decision – to save or not to save. Once you decide to set up auto-save and go through the initial process, that’s all. You keep saving at interval without a need to make a decision on either to save or not. With this one savings keep accumulating with time till one have a reasonable amount.
In here we have some banks that do this kind of stuff to us, you just to need to set how much money you have to save every month for few months based on your contract with the bank before and then it's all set to go, if you manage to save it until the end of your contract then you would get the interest. Otherwise, you will charged. It's kinda nice to use that so it forces you to save, which is good and difficult for some people.It works for some people especially me.
As humans, we tend to have a need for immediate satisfaction. These needs keep increasing on dialy basis, if one decide to go by all these needs, one may end up without a saving. Most time we are faced with a decision like whether to spend our money on our daily needs or to save them. Here, we may likely to be biased toward our present selves, so we're likely to make the choice that will benefit us most at that moment which mostly will be buying our daily needs. However, we can overcome present bias by taking away the ability to choose between saving and spending altogether. This is where automating your savings comes in.
What do I mean by automatic saving? Automatic savings is a type of personal savings system in which the plan contributor automatically deposits a fixed amount of funds at specified intervals into their account. The typical structure of this type is an automatic transfer from an individual's bank account into a savings or investment account.
When you automate, you eliminate a decision – to save or not to save. Once you decide to set up auto-save and go through the initial process, that’s all. You keep saving at interval without a need to make a decision on either to save or not. With this one savings keep accumulating with time till one have a reasonable amount.
With automatic savings, ones monthly salary becomes: Salary- Automatic savings amount. With this, one will only calculate is daily needs on the remaining amount rather than calculating on all it's salary.
CONCLUSION
Saving money isn't something easy, it comes with determination and self-discipline but with automatic saving one can easily set his/her saving amount at interval.
What do I mean by automatic saving? Automatic savings is a type of personal savings system in which the plan contributor automatically deposits a fixed amount of funds at specified intervals into their account. The typical structure of this type is an automatic transfer from an individual's bank account into a savings or investment account.
When you automate, you eliminate a decision – to save or not to save. Once you decide to set up auto-save and go through the initial process, that’s all. You keep saving at interval without a need to make a decision on either to save or not. With this one savings keep accumulating with time till one have a reasonable amount.
With automatic savings, ones monthly salary becomes: Salary- Automatic savings amount. With this, one will only calculate is daily needs on the remaining amount rather than calculating on all it's salary.
CONCLUSION
Saving money isn't something easy, it comes with determination and self-discipline but with automatic saving one can easily set his/her saving amount at interval.
Yes, I totally agree that saving is not easy. We need to be disciplined and consistent in saving. Many people fail to save because they are inconsistent and disciplined. Maybe automatic savings is the right solution for people who are not disciplined in saving because automatic savings help us so we can save. which is consistent because with that we can be smarter in spending money to buy something not playing as long as we buy it and we can control ourselves.
It is natural that people will need money in life. When people need money then they meet their money needs from their savings. If we save for a few days and break those savings for our own needs, then we do not see any permanent address for that savings.
Therefore, even if it is necessary for life, you should make a permanent savings. And you should never spend that savings no matter how much you need in your daily life.
For example, it would be better if we divided some part of our income into two savings. When you need, you spend money from any savings and the remaining savings you consider as permanent savings. Thus, if you can, permanent savings will help you a lot in the future.
Therefore, even if it is necessary for life, you should make a permanent savings. And you should never spend that savings no matter how much you need in your daily life.
For example, it would be better if we divided some part of our income into two savings. When you need, you spend money from any savings and the remaining savings you consider as permanent savings. Thus, if you can, permanent savings will help you a lot in the future.
You can literally write down everything you have spent last month, and your income and talked to Chatgpt about it and it will give you a budget and ideas on how to drop it.
Mine was cut back on eating out and going out, if I do that I save about $140 per month, obviously it would be a boring life, basically what it suggested was buy cheap food from grocery and never go outside, so for a full month if I never go out and eat cheap food at home, I would save money, which is technically true and it was right, and it even suggested I could cut back on some subscriptions and maybe I could save enough that in a few months I could talk back with my creditors and use my saved money to close one of the debts completely and be able to save even more each month due to less interest payments etc. So, you can do the same, not going to follow up myself, but it certainly helps.
Mine was cut back on eating out and going out, if I do that I save about $140 per month, obviously it would be a boring life, basically what it suggested was buy cheap food from grocery and never go outside, so for a full month if I never go out and eat cheap food at home, I would save money, which is technically true and it was right, and it even suggested I could cut back on some subscriptions and maybe I could save enough that in a few months I could talk back with my creditors and use my saved money to close one of the debts completely and be able to save even more each month due to less interest payments etc. So, you can do the same, not going to follow up myself, but it certainly helps.
It doesn't seem specific enough to think that every human being is a wasteful spender, because for me it's just about a person's character to use something excessively for what he needs so that it must be called wasteful. But if you do research on this matter on several people with a very modest level of living, you will definitely find differences between some of these people so it won't be specific if everything is to be considered wasteful because basically there are humans who are able to save money for themselves.
Spending money should be reasonable. If you spend your whole life saving every penny, what is the point of saving money? Children who inherit money are likely to squander it quickly. In this case, money is evil. Therefore, a person should not be a spender or a miser. One should choose a reasonable middle ground.
It doesn't seem specific enough to think that every human being is a wasteful spender, because for me it's just about a person's character to use something excessively for what he needs so that it must be called wasteful. But if you do research on this matter on several people with a very modest level of living, you will definitely find differences between some of these people so it won't be specific if everything is to be considered wasteful because basically there are humans who are able to save money for themselves.
Spending money should be reasonable. If you spend your whole life saving every penny, what is the point of saving money? Children who inherit money are likely to squander it quickly. In this case, money is evil. Therefore, a person should not be a spender or a miser. One should choose a reasonable middle ground.
This idea in itself is very practical and sensible and those who adapt this method definitely end ups saving more than the others who are trying to save themselves.
Man by nature is an extravagant spender and they always spend more than the limit so automating your saving will definitely help you save more .
It doesn't seem specific enough to think that every human being is a wasteful spender, because for me it's just about a person's character to use something excessively for what he needs so that it must be called wasteful. But if you do research on this matter on several people with a very modest level of living, you will definitely find differences between some of these people so it won't be specific if everything is to be considered wasteful because basically there are humans who are able to save money for themselves.Man by nature is an extravagant spender and they always spend more than the limit so automating your saving will definitely help you save more .
Saving money is a difficult thing, not everyone can do it, so it requires several methods that are used for yourself to be able to control spending wisely so that you have money left over to save.
I think everyone is different, but basically saving is difficult so you need a strong push and a method for yourself.
This idea in itself is very practical and sensible and those who adapt this method definitely end ups saving more than the others who are trying to save themselves.
Man by nature is an extravagant spender and they always spend more than the limit so automating your saving will definitely help you save more .
It doesn't seem specific enough to think that every human being is a wasteful spender, because for me it's just about a person's character to use something excessively for what he needs so that it must be called wasteful. But if you do research on this matter on several people with a very modest level of living, you will definitely find differences between some of these people so it won't be specific if everything is to be considered wasteful because basically there are humans who are able to save money for themselves. Man by nature is an extravagant spender and they always spend more than the limit so automating your saving will definitely help you save more .
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