Okay so we are finally using the set it and forget it approach and have money going into savings. If you are not doing this, read the other article here because the topic for today requires much more discipline than the automated approach.

Building wealth is a long, slow daunting task. It’s just like losing weight. You’re not going to notice anything happen overnight. The rule of thumb for losing weight is after about 8-12 weeks, you will start to notice something. After about 16 weeks, other people will start to notice.

Growing your wealth is a much slower process. You will not notice anything within the first several weeks. It is important to make this realization before beginning your journey. Slow and steady wins the race. Realize that if you remain disciplined, your wealth will grow tremendously over time. There are a number of different ways to go through the process, but we will work on them one at a time. Don’t ever just jump into the deep end. That works for some, but very few. We want the average person to build wealth, everybody can’t be Evel Knievel.

The approach: Log in every night!

Every week, I have a money date with myself to see how my finances are going. That is another story for another day. However, during the week, I have shorter check ups everyday to maintain my wealth building process. Remember, Rome wasn’t built in a day, but they laid bricks every day!

During these checks, I login to all of my bank accounts every night before bed. I have six bank accounts (and a couple more for my children). Two or three is good enough, but I can be extra sometimes. When I login to my accounts, I transfer some amount to my savings accounts. I have been doing this every night for years, in addition to my other savings tactics.

So at the end of every night, log into all of your checking accounts and move anything over $.01 to $9.99 to your savings account. If you feel this is too much, move everything to the nearest $5 or $1. If you have $748.29 and you feel taking the $8.29 is too much for you, then just move $3.29 to your savings account. Just make a habit of transferring money into savings everyday.

I do this every night, but now I am to the point of where this money goes into my children’s accounts. I have one spending account and one savings account for both of them (That’s another story). Even if you have less than $100 in the account, you can move all of the change over to your savings account. The point is to get yourself in the habit of saving money, putting money away. We will talk more about savings accounts and how much you all should be saving in another article.

As with automating your savings, the point is to get into the mindset of putting money aside for your future. As you see the money pile up, you will feel accomplished and want to build more. Discipline is Key!

The post Another way to work on your savings! appeared first on Let's Learn Money!!!.

Did you know that a large portion of Americans do not have $400 in a savings account? You can find statistics that show the average income of Americans looks pretty decent, however, we have billionaires out here to thank for skewing that result.

A $400 emergency would hurt a lot of people. It would really suck to be in that situation.

If you’re part of that statistic, today is the day that you put this issue to bed! I bet you’re here because you’re looking for something different. Well, you’re in the right place.

A lot of people are afraid to save. Many say, “there is a lot of month left at the end of the paycheck”, or some say they can’t save because there is never anything left after the bills are paid. They believe they can’t pay themselves first because their present bills are much more important than their future.

What if you could automate your savings and get someone or something else to save the money for you? All you would have to do is setup the account!

BUT WHY WOULD I WANT TO AUTOMATE MY SAVINGS?

Well, there are many reasons:

• You don’t have to make the decision of whether or not to save the money. You won’t have to do any of the “heavy lifting”!
• Once you see the money build into your account, your mindset will shift and you’ll begin to love saving money.
• You can get away from being part of that awful statistic mentioned above.
• Since the money comes out automatically, you won’t be as tempted to spend the money because you won’t see the savings happening.

OK, SO HOW DO I AUTOMATE MY SAVINGS?

Great question!

There are several apps available that can help you. If you don’t trust putting your information into an app, most banks will handle this for you.

My go to app is Qapital. I have used this app for years. They have many features that help you realize that saving money doesn’t have to be painful or scary. My favorite feature is the round up feature. This was the first feature I used. Any time I swiped my bank card, the transaction total was rounded up to the nearest dollar, and the change that was rounded up was put into a savings account for me.

It took several months, but I eventually saved $500!!!

I was hooked! I wanted more!

I wanted to get to $1000, but I wanted to get there a lot quicker than before so I used some of the app’s other features. Every week, I had the app transfer $25 and had the round up feature round up to the nearest $2. I saved the $500 within 2 months. This was mostly from saving my change – from SAVING MY CHANGE!

From that moment, something changed in me. I wanted to get to $2500. It was at that moment that I knew that my mindset had changed because I knew that I could save the money, but now I needed to earn extra to put away more money more quickly.

Now Qapital is not free (though it used to be). It costs between $3 and $12 per month, depending on the package. However, that is $3 you will not miss. I know there are things you have spend $3 that was not worth your money. This is totally worth it!

In addition to using Qapital, I also use my bank. Now I have banked with a few different institutions and none of them have a round up feature, but they do have a recurring feature. I have the bank automatically transfer money into savings every week. It is not as nice as the round up feature, but money still goes into my savings account every week. The good thing about going through your bank is that at most times, it is free to use the transfer service.

There are other apps that can help you automate your savings. Bottom line, start saving today if you have not already done so. Your future will be a lot brighter because of it. Promise!

BONUS:

If you’d like to try out Qapital, click this link! They will give you $5 just for signing up (after 45 days). Either use Qapital, or setup automatic transfers with you bank today! START SAVING!

The post Automate Savings… Set it and forget it! appeared first on Let's Learn Money!!!.