Comments on: What’s the Best Way to Start Saving? Make It Automatic.

By: Weekly Round Up- Week With Those Who Weep

Weekly Round Up- Week With Those Who Weep — Sun, 02 Aug 2009 18:43:21 +0000

[...] What is the Best Way to Start Saving? Make it Automatic at Moolanomy [...]

By: Sunday Money Roundup - Weeds, Weeds, Weeds Edition. | My Two Dollars

Sunday Money Roundup - Weeds, Weeds, Weeds Edition. | My Two Dollars — Sun, 02 Aug 2009 13:31:08 +0000

[...] reminds us all that the best way to save money is to make it automatic. I have money sent from my checking to my savings account every [...]

By: Weekend reading: David Swensen interview edition

Weekend reading: David Swensen interview edition — Sat, 01 Aug 2009 12:10:43 +0000

[...] Moolanomy reminds us to make savings automatic. [...]

By: Craig

Craig — Thu, 30 Jul 2009 17:25:18 +0000

Agree, I recently did that with my Roth IRA and my 10 yr mutual fund account and it’s great. I actually look forward to the day once a month just to see it transfer over knowing I am doing the right and smart thing and the next day I don’t even realize it’s gone.

By: AJ

AJ — Thu, 30 Jul 2009 17:10:24 +0000

I always start out automatic and then things happen. It stinks! I dip inot my savings and I am back at square one.

By: Tammy

Tammy — Thu, 30 Jul 2009 13:22:36 +0000

Great post. I agree automatic is best. I set aside money automatically using a no fee checking account. I have an auto draft set up to divert the money on friday.
I also save change in a big jar and this gives me a bit of cash when I have more month than money. Somehow rolling coins reminds me of childhood. On rainy days we would collect coins from around the house and roll and take them to the bank.
Thanks for this great reminder that small amounts add up!

By: FinanciallySmartServices

FinanciallySmartServices — Thu, 30 Jul 2009 12:53:25 +0000

I agree with you start with a small amount and then gradually increase it. What we should always remember to do is pay ourselves first. Before paying the bills going to the grocery store etc we should put aside a small amount and place it in our savings. Financial Advisors always recommend 10% but we can start at 5%.

By: Pinyo

Pinyo — Thu, 30 Jul 2009 12:16:06 +0000

@hustler – That’s how I manage my finances to. Money is directly debited from my paychecks to pay my mortgage, contribute to 401k, and set aside for my self-employment income taxes. I see less than $800 every two weeks in my bank account (also direct deposit)

By: hustler

hustler — Thu, 30 Jul 2009 03:57:04 +0000

My husband and I decided to live off only his income and save mine. My paycheck is direct deposited into my online savings account. There’s no way I could save it if it wasn’t automatic. If I had that money in my hands and then deposited it later, I’ll bet a good chunk of it would be missing! Good post!