Grow Your Money: 5 Simple Ways To Automate Your Wealth
Grow Your Money: 5 Simple Ways To Automate Your Wealth
#2 Automatic Increases
Depending on the company you work for, you might be able to increase your 401k contributions annually. If you have the option to increase your retirement contribution by 1% every year, go for it. That's a workable number as it's small enough that you won't really feel the impact on your paycheck, but it also makes a huge difference over time. It's a great way to give yourself a financial boost without needing to constantly think about what move to take next.
Personal Capital
#3 Automatic Transfers
You should open up different investment and saving accounts that are geared towards specific financial goals you have. Then, set up automatic transfers so that your savings accumulate without you ever having to think about it. The important thing is that you determine exactly what you'd like to save money for.
For example, if you're looking to buy a home, you could open up a high-yield savings account dedicated to a down payment fund. Then, you could set up an automatic transfer, making sure that the amount you decide to contribute to the account is something you can manage. Once you set up the automatic transfer, your money will periodically be deposited into that account and will gradually grow.
The Balance
#4 Always Review Your Budget
Get into the habit of checking your finances regularly. Many people simply rely on credit card statements and balance reports, but it's always better to have all of your financial information in one place, like a spreadsheet. It's just more convenient, especially if you ever need to make any tweaks to your spending.
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#5 Personal Finance Software
Once you start automating your money, you're going to need a way to track everything in an organized manner. Doing this manually can be challenging and leaves you open for error, which is why you should use some form of personal finance software. The software will recognize your recurring transactions so you can figure out which of your money you can or cannot spend. By keeping a close watch on where your money goes, you can prevent overdrafts from triggering.
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