Easy top on how you can save money without even thinking about it.
Paige O. Gerber
Jan. 17th, 2020
A very common New Year’s Resolution for many of us is to be better with money, whether that be improving our spending habits or saving more. I’m here today to provide an easy tip on how you can save money without even thinking about it.
Linking Your Account
Many investment accounts give you the ability to link your bank account to them. Once your bank account is linked, you can schedule automatic deposits into your investment accounts at a schedule that fits your budget. You don’t need to have tons of excess cash to make these deposits, as they can be completely customized to you.
While different investment companies offer different options for automatic deposits, some common schedules include annually, monthly, semi-monthly (meaning every other month), bi-monthly (meaning twice a month), and in some cases even weekly.
It Adds Up!
You may be imagining that it wouldn’t be worth your time to link your bank account because you don’t have much excess cash, but that’s not true. Imagine setting up a weekly automatic deposit of $20, it might not seem like much now but it comes to $80 a month or $960 a year! Without even thinking about it, in 5 years you will have invested $4,800. As you get used to these deposits, you may even wish to increase the amount by a few dollars. Even by adding an additional $1.50 brings your yearly investment up to $1,032!
This method of reoccurring investing may help you reach your goals and your financial goals for the New Year! If this sounds interesting to you, please give our office a call to discuss your options. Hope you find this educational and helps you to organize your financial life.
Have questions on this topic? Contact us.
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