3 Ways to Make Saving Easy and Painless
Everyone agrees that it's important to save money, but saying and doing are two different things (especially when it comes to finances). Regularly setting aside money for various financial goals is really hard to do, given all the other things we could be spending that money on now. You can make saving money a lot easier if you use one of these methods for automating the process.
Nearly every bank nowadays will let you set up an automatic transfer from your checking account to your savings account. If you schedule this transfer to happen immediately after your paycheck arrives, you can make paying yourself first happen automatically -- which means that you'll be less likely to let day-to-day expenses eat up the money that's supposed to go into your savings account.
Another way to make saving painless is to do a very small daily automatic transfer instead of one big monthly one. For example, instead of putting $100 a month into your savings account, schedule a daily transfer of $3. That way you won't have a sudden, large drop in your checking balance that could potentially cause overdraft problems if you forget that it's about to go through.
Source: Fool.com
