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LRC Savings Edition - Day 12: Automate Your Savings

LRC Savings Edition - Day 12: Automate Your Savings

By TheBudgetnista -  Tags: ,


New to the Live Richer Challenge: Savings Edition? Learn more about it HERE and sign-up.


Need to catch up? Click on the link where you left off and then come back!

Day 6: Review, Reflect, Relax

Day 7: Weekly Inspiration

Day 8: Essential Spending

Day 9: The Budget

Day 10: Find Money

Day 11: Restructure Debt


Week 2: Implementation & Automation

Today’s Easy Financial Task: Automate the savings that goes into your Money Bucket.

How to Rock this Task:

So far this week, you’ve had a no-spend day, created a budget, found savings by negotiating with your service providers, and restructured your debt. Today we’re talking automation.

Automation = The New Discipline

You’re 100% more likely to stick to your savings goals when money is automatically transferred into your savings account. Let’s face it: humans can be pretty unreliable. Automated transfers however are completely reliable.

Your task today is to set up automatic transfers to your Money Bucket. Where will the money come from? Glad you asked!

Did you call your service providers and save money during Day 10’s task, “Find Money”? If yes, AWESOME! You just need to save the money you’ll now have from reducing your bills.

Here’s how:

1) List the service providers that agreed to lower your payments.

2) List the due dates of the recurring payments of each service provider who agreed to lower your bill on your Money List.

3) Instead of paying the full amount to your providers, transfer the amount that you’re saving to your Money Bucket. Make the two payments on the same day you normally pay the service provider.

4) Automate both payments, part of it to the service provider and part of it to your Money Bucket.

For example: Your phone bill was $300/month and you negotiated it down to $200/month, a savings of $100. Instead of spending the discount on new shoes, you decide to save it. Your cable bill is due on the 10th of every month. You pay $300/month on the 10th: $200 goes to cable and $100 goes to your Money Bucket with both payments automated.

You can also find other savings to put into your Money Bucket. Try committing to an “essential spending only” day one day each the week. On Day 8: Essential Spending, your task was to: Kick non-essential spending to the curb. How much did you save that day? Transfer that money to your Money Bucket.

Have you found savings on your other monthly expenses like groceries, personal care, or transportation? Add up how much you can comfortably save monthly and set up another automatic transfer to your Money Bucket.

Still need help? I’ve found and personally use an awesome free resource that will analyze your income and spending and find small amounts of money it can safely set aside for you. Yup! You can actually have something save for you without you having to think about it. You can learn more about it and sign-up by clicking HERE.

No more excuses, my friend.

You have all the tools you need to reduce your spending in order to save money automatically. Next week, we’re going to discuss ways to make more money for your savings goals and passions. Get excited!

Remember to support your accountability partner. This is a team effort! Has your partner taken the time to automate their saving? It literally will only take a few minutes. Have you and your partner checked out and signed-up for the awesome free resource I suggested for savings? It's time for the both of you to, "set it and forget it". Make sure to check-in and hold them accountable!

I'd loooove to know how much you will be automating to your Money Bucket each month. Tell me in the comments vs. emailing me. Share your amount in our Dream Catcher forum too. No amount is too small. It's important to share "out-loud". It holds you accountable and inspires others to take the leap.

Share what you're doing today by using the social media buttons and share with your twitter friends:

Today I'm automating my savings into my Money Bucket Day 12: #LiveRicherChallenge Click To Tweet

Remember, you can find me here:

Twitter: @thebudgetnista

Instagram: @thebudgetnista

Facebook: The Budgetnista

Forum: Dream Catchers  (if you're not already a member.)

Live richer,

Tiffany "The Budgetnista" Aliche

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Tiffany “The Budgetnista” Aliche is quickly becoming America's favorite, personal financial educator. The Budgetnista is also an Amazon #1 best selling author (The One Week Budget and Live Richer Challenge), sought-after speaker and teacher of financial empowerment.
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