Sometimes it can be very difficult to set aside money for investing, and very easy to spend that money elsewhere. Everything from a “must-have” purchase at the mall to unexpected bills can pop up monthly and throw your investment plans off-track. While it’s a great plan to save and set aside money every month to invest (see my 20-30-50 plan if you haven’t started already), true success comes from actually sticking to that plan every month.
That’s why I recommend automating part of your financial life – it’s an easy way to start saving and investing because you don’t have to think about it. By setting up an automatic transfer, you can immediately divert part of your paycheck into an investment or savings account. This “out of sight, out of mind” solution is a great way to ensure you’re putting a portion of your money towards investing. You won’t forget to do it, and the money can already be invested before you’re tempted to spend it.
Remember, it’s never too late to start working on your financial health. Even diverting a small sliver of your paycheck towards paying your future self can make an enormous difference.
Do you know another easy way to start saving and investing? I’d love to hear it! Are you looking for investing advice? For more information on how you can start today, visit my company’s website, LexION Capital, for more resources.