Saving to Help You Spend Your Money and Feel Less Stressed In The Meantime
I have a trick to make it easier to spend your money and lower your stress in the meantime.
Automate your savings.
Saving money will help me spend my money… how is that possible?
Most of you probably participate in a retirement plan through your employer. If you do, you probably have a percentage of your pay automatically taken out of your pay stub before it reaches your bank account. This takes the decision to save for retirement out of our hands every month.
If it weren’t for this automatic saving, how often do you think we’d come up with an excuse of why we didn’t need to save this month?
With the salary deferral in our 401(k)s, all we must do is make a good decision once. Before we know it, we’ve learned to live without that money and barely notice it’s gone. All the while, our money is accumulating to fund our life’s goals.
The same process of automating savings should be done in other aspects as well. If you don’t have access to an employer sponsored retirement plan, you should consider automating savings into an IRA. If you need to build an emergency savings, save for the down-payment on a home, or save for a child’s college education – automating those savings ensures you’re putting money towards these goals every month.
Okay…. But how does that make it easier for me to spend my money?
After that money has automatically come out of your account to be saved towards your goals, you know whatever is left over is yours to spend. You can use the rest of that money without guilt because you’ve already taken care of your major financial priorities without even thinking about it.
All this takes is a few minutes to set-up automatic contributions and a strong will. In return, you get to go through life knowing your goals are being taken care of while spending your money stress-free.
Cal is a Registered representative and investment advisor representative of Securian Financial Services, Inc. Securities and investment advisory services offered through Securian Financial Services, Inc. Member FINRA/SIPC. North Star Resource Group is independently owned and operated. Fortune Financial is affiliated with North Star Resource Group and is independently owned and operated. 4954682/DOFU 9-2022