In these tough economic conditions, people are finding it more and more difficult to meet their financial goals with virtually stagnant incomes and soaring expenses. As it has been psychologically proven, people tend to put off long term savings in order to meet short term expenses. While we all know and understand the importance of saving for our future, especially for our retirement when there will be no paychecks to meet our daily expenses, we seldom stick to the plan of putting something away regularly for our golden years.
Adam Ginsberg, the renowned wealth building mentor and online business coach suggests automating our expenses and savings so that we do not falter in our long-term saving objectives. According to Ginsberg, here are some ways to automate our spending.
Contribute to a 401(k)
Build your retirement nest egg using a 401(K) account. Ginsberg suggests that a 401(K) is the least that you should be contributing to even if there is little else that you are doing in terms of savings. If your employer is offering a matching 401(K) contribution, that’s even better since that’s a bonus and extra money never hurt anyone.
Automate your Bill payments
Automating your bill payments on your credit or debit card ensures that you never fall behind on paying your bills for any reason, therefore avoiding late payment charges and penalties, and also earn reward points on your credit card, which you can accumulate and redeem later for rewards like air miles.
Manage your Accounts
Having an accounting software will do you a world of good in keeping track of your income and spending. There are many software packages available in the market and on the internet. If you browse around a bit harder, you may find some free ones too that you can use to manage your accounts.
Having all your accounting information in one place is great as it gives you a complete overview of where your finances stand and what steps you may need to take in order to meet some of your financial goals.
Adam Ginsberg is a leading entrepreneurship and wealth building coach and mentor who has helped thousands of people globally to achieve success through his eBay software and tools.