The easiest and most effective way to save is automatically. Think about it, saving automatically is the exact same way that millions of employees save through 401(k) and other retirement programs at work. So, taking that same concept— that you can “set it and forget it” and adjust to money going directly into savings would work for ANY savings goal you have— including saving for retirement, an emergency fund, homeownership, education, or even a vacation.
Automatic savings simply means you have a process in place to save at regular intervals, whether that’s quarterly, monthly or with each paycheck.
If you want to save automatically, we suggest one of these two strategies:
Over time, these automatic deposits add up. For example, $1,000 a month accumulates to $12,000 a year and $60,000 after five years, plus interest that has compounded. If you invest this money in your brokerage account your money could grow even more over time.
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