savings as an afterthought. They deposit their whole
Benefits of an Automatic Savings Plan Most people treat savings as an afterthought. They deposit their whole paycheck into a checking account, and they take money out of that account to pay the bills. Their savings is whatever happens to be left over at the end of the month. Unfortunately, that often means they save nothing at all. With automatic savings, by contrast, you pay yourself first. A portion of your paycheck goes straight into savings and never hits your checking account at all. S find aving this way has several advantages: · It Keeps Your Savings Separate . As the old saying goes, “Out of sight, out of mind.” When you keep your savings in a separate account, you no longer think of it as spending money. The money is still there if you need it, but you won’t just burn through it without thinking. · It Forms Thrifty Habits . Sending part of every paycheck straight into savings forces you to make ends...