We continue in The Money System That Never Fails with how to maximize your savings, one of the most crucial elements of the overall system.
The Money System That Never Fails is now available in paperback and Kindle at Amazon.
If you missed the first chapters you can view them here:
- Introduction
- Money Offense and Money Defense
- Most Important Part of the Money System
- Mental Accounting and Different Perceptions of Money
- Essential Accounts
- Optional Accounts
- How to Maximize Your Savings
Should you be manually making these savings transfers? Yes, and let me tell you why. You want to get into the habit of it. What you put your focus on tends to grow. Therefore, paying attention to your savings accounts by adding money to them each week, you’ll watch them and begin to feel awesome about what you are doing with your money.
Because generating wealth, of which this is the foundation of, is fun to me, my weekly savings transfer is something I look forward to doing.
Being in business for myself, how much money I made did change, sometimes dramatically from week to week, I had to do this manually. But even if you get a paycheck, I would still recommend doing it manually too.
In fact, when I came out of that frustrating period of where I was determined to figure money out, I
transferred money into my savings, according to percentages, every single day! Why? Because it was about the habit, and the energy of seeing the money grow. I don’t remember how long I did this, before I felt like I got what I could out of the process, and it was just became a burden on my time. Then I switched to just once a week, and have been doing so ever since. The routine was firmly established, and now I look forward to doing it every week.
That being said, there is a time and a place for automatic savings too. In some of my investment
accounts, like I mentioned with Bitcoin, but also my stock account, I have a set amount, like $100, that gets transferred each month. No percentage here, but a flat amount. This is a little bit different. From income, it is going to investments, not savings, and, although the line can be blurry between these, that is the key difference.
For some people, doing it automatically may be the better option, as out of sight, out of mind. I don’t agree with that, because you shouldn’t be blind about your money, but if it works better for you go for it.