Your Finance Travel Buddy presents One Simple Step

Happy Sunday fellow Financial Freedom Seeker

Mindset Moment

One Simple Step

Building on last week’s newsletter where the one simple step was to save small amounts regularly, and given that you might have been paid by work this week, your one simple step enables you to automate this process

Your One Simple Step this week is…

Automate your Savings

What does this mean?

The literal definition of automation is the system of making something operate automatically. In this contact, automating your savings is making your money move from your current account to your savings account automatically each month, so you don’t have to manually move any money. 

Why is this important?

Automating your savings means that moving your savings from your current account to your savings account is one less thing for you to remember to do every month while benefiting from compounding returns. You can also set this up to happen on roughly the same date each month so you consistently save. 

How do I implement this?

1. Set up a standing order

You can go into your current account where your income is received, expenses paid, and any excess amount retained that you could save. From here you can set up a standing order which is where you set up a recurring payment to the same account for the same amount on the same date (or close to it) each month. 

💡Top tip: this carousel explains how to automate your savings further

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Have a fabulous week ahead!

Until next week

Pernia | Your Finance Travel Buddy