Sure, you try to be financially responsible, but everyone slips up. Setting automatic transfers for your bank accounts can help you create a long-lasting formula for success to ensure your money covers your needs-and then some.
1. Pay yourself first
The usual order of paying necessary expenses, splurging on fun and saving whatever's left can lead to saving little or no money. Flip that around: Automatically put money toward savings or retirement as the first step with every new paycheck, even if it's just 1 or 2 percent. This way your savings will grow every month, regardless of your social calendar.
2. Set it (but don't forget it)
Avoid late fees on bills and save time by automating bill payments through your bank or directly through the companies you need to pay. Some companies even offer a discount for automating payments.
Tip : While automating can save you a lot of time and money, it's still important to go over your bills and ensure there aren't incorrect charges.
3. Divide and conquer
Open savings accounts for short and long-term goals, and give them inspiring names, like "Best Trip Ever," to stay motivated. Set up automatic transfers so your savings can grow effortlessly, and use alerts to notify you when your savings accounts reach different milestones.