Automating Your Savings to Get Ahead Financially

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Have trouble saving money or just want to boost your savings rate? Check out our podcast episode on how and why you should try automating your savings.We’re back with a brand new season of the Financial Conversation podcast and over the next few weeks we’re going to be talking about saving money.

Last season was all about self-care and being the best you can be. We had so much fun recording our self-care season and hope you’ve gained a lot of clarity on your personal and financial goals and values from listening to the episodes.

The next step is being intentional with your money and using it as a tool to improve your life.

Find out more about the importance of saving money and our show notes below.

The Importance of Saving Money

Saving is one of the most important aspects of managing your finances and one of the best ways to get ahead and start building wealth. Saving is important because it’s crucial that you set some money aside for yourself.

Paying for bills, debt, and other expenses can become draining if you don’t have any money left over for your own wants and needs.

We understand that saving money can be difficult for some people as it was for some of us in the beginning stages of our financial journey. Shocking studies reveal that the average American lives paycheck to paycheck and can’t even afford a $500 emergency.

Failing to save can easily put you into debt again and again preventing you from ever getting ahead financially.

Even if you consider yourself a money-saving pro, this season is still great for you especially if you’re looking to increase your savings rate to meet various different goals, make frugal living work for you, pay off some existing debt, or explore your options for financial independence.

Yes, we’re going to be diving into all those topics and more this season to help you find saving less threatening and more of an exciting opportunity to do more with your $$$.

This week, we’re opening up that conversation by talking about automating your savings.

Why Automate?

Automating your savings is similar to driving with cruise control on. It’s easy and smooth, but you still have to know where you’re going and have a solid plan in place.

Automating your savings can help you take action but still remain laid back so you can dedicate your time and energy to other tasks. Automating is not the best solution for everyone, but when done correctly and with the right intentions, it can help you save for purposes like:

  • Your emergency fund (that $500 emergency won’t be able to put you in the poorhouse)
  • Travel and vacations
  • Retirement
  • College
  • Large purchases
  • And more

Ready to find out if automating savings is right for you and how you can use this practice to save more money long term? Check out our first episode of season 3 and let us know in the comments if you’ll be automating your savings this year.

Have trouble saving money or just want to boost your savings rate? Check out our podcast episode on how and why you should try automating your savings.

In This Episode We Discuss:

  • 1:10 – Are you for or against automation?
  • 7:50 – Avoiding Temptation
  • 15:40 – Discussing Digit (Now $2.99 per month)

P.S. During the episode we discuss Digit, a savings app that helps you save money automatically. At the time we recorded this episode, Digit was a free service. But recently, Digit announced they will start charging users $2.99 per month. While this is a small fee for the service, we did want to make you aware of the price change if you were interested in signing up for Digit. This app could still be a good option if the $2.99 fee is motivation to get you to save more money, but you can also consider automating your savings on your own too!

This episode was brought to you in part by Audible.com. You can listen to any audio book for FREE with a 30 day trial using our link!

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