25 Sep Smart Saving Strategy for Millennials
One of the newest members of the LexION team, a recent college grad, shared with me that she has just set up a regular auto-transfer to her savings account. This is a fantastic strategy to start growing wealth and building a strong financial foundation. It’s never too early to start creating a bright financial future!
Make it easy and effortless to save toward your financial goals by setting up an auto transfer. That way, a set portion of each paycheck immediately transfers to your savings as soon as you get your paycheck. Out of sight, out of mind: you’ll start saving effortlessly. (Once you’ve built up your emergency fund, you can start transferring those savings to an investment account!)
Don’t wait until the end of the month to save “what’s left over.” There are simply too many excuses not to save! But with an auto-transfer in place, there’s no wondering “how much should I save this month?” You never have to think about it.
This is an especially good financial habit to start early in your career, but you don’t have to be a Millennial to make use of this trick. It’s never too early, but it’s certainly never too late to transform your financial health.