Saving & Budgeting are critical for folks just starting out on their journey to financial freedom because they provide the foundation for future investment.
Personally, I'm a fan of automation, so I have an automatic deduction from my checking account once a week to my savings account. That's on top of automated paycheck deductions to my company-matched 401(k) and automated monthly investments into my Roth IRA. It's important to remain disciplined, but, in my experience, automation reduces some of the burden of that discipline. It can be really tempting to just skip an investment to keep some extra cash for splurging on unnecessary stuff. Am I really satisfied after that? Probably not. It's fleeting; sort of like eating junk food. So, I stick to the automation to build the habits that lead to discipline. Worst case scenario: even if you pull a bit from your savings to splurge, at least you've got set-ups in place to replenish those in the next day, week, or month.
What are some of your favorite methods for sticking to your budget or growing your savings? Leave a comment below and like this post, if you found something of value here!
*not financial advice