PSA: You might be saving money wrong

[kylieeliz]

I like manually moving my money because I'm very numbers-motivated, and I like watching the number increase because of my efforts. I think it helps I have an emergency fund and then several sinking funds.

[toddspangler]

Turn the savings into a game by having an 10 year Excel chart of savings per month. Each month you see the chart go up and up and you start to want it to go even higher faster since you can visually see the chart increase.

I did this strategy to pay off my 1st home starting at 100 per month and quickly increased it. Paid it off 20 years early.

[xalien]

I have my savings account set to withdraw from by checking account biweekly on the exact same day that my paycheck is deposited. It’s worked out very well for me!

[weissel]

This is very true for me. Sure, I *want* to feel like a whole ass responsible adult and actively move money around, but my AuDHD brain just doesn’t necessarily remember to follow through. So instead, I just have several automatic transfers set up to various accounts so I don’t have to think of it. My retirement savings are also automatic out of my paycheck, I only have to periodically remember to bump up the percentage. It feels lazy, but it’s the only way I’ve been able to actually follow through.

[katarh]

Currently have about a third of my take home pay automatically deducted and shoveled to an index fund (in addition to all the pre tax stuff getting taken out.) It means that what does land in my checking account is free and clear and can be spent without guilt once the bills are paid, for sure!

[jazy]

This is exactly why I thought Americans are against taxes so much when I first heard about taxes not being added to the price of an item in grocery shops. Where I'm from the price you see on a product is the price you pay - no thinking about taxes which are perceived as an ADDITIONAL cost. Same with the salary - when you apply to job you usually are being offered a salary after taxes. So you see exactly what you'll get and you see exactly what you'll pay.

[Trudloops]

I actually like to transfer money from my chequing to my savings accounts. Seeing the savings balance go up is motivation enough. But I understand how unplanned expenses can lead to choosing not to save. That's why a monthly budget is vital. Planning how your money works for you is better than being led by every passing fancy.

[princessmolskiii]

If you’re actually motivated to save you’ll do it no matter what. I’m saving for a house deposit and knowing that moneys going toward my future makes me put the money in each month, watching it go up and up is the fun of it

[leahaf]

Just paused the short to set up a standing order to my savings account right after payday. Been meaning to do this for a while, but this short was the prompt I needed, so thanks :)

[elmi]

Most if not all banks allow you to set up auto transfers. For my emergency fund, I have it set to transfer the certain amount every paycheck. Same thing goes for my IRA, CC payments, etc. It all happens overnight so as soon as I wake up on payday, what's in my account is what I have for the most part.

[eightchickens]

I do the opposite, all my money is put into savings, and then I put a certain amount into checking each month....this way I see the direct affect of 'what could be' if I spend less! It works for me.

[personnesenki]

Anyone opposed to a child voluntarily working and earning money should be forced to compensate that child for 10x of any earnings that could have been had.

Some kids want to work in age-appropriate jobs. No one outside of their parents should have the right to tell them otherwise.

[blade]

250/ check goes right into my roth ira so it’s getting maxed every year. Once my cc debt is cleaned up, i’ll put 4-500 in my after tax account to bump up that retirement account. (My company doesnt have a 401k)

[CheapsKate]

I hope to be able to make enough money one day to actually have a savings acct. 😢

[Clipahoy]

Saving is an active habit. If you are actively doing it - its not saving. There is nothing passive about and stop shaming people who actively save.