Convenience + Consistency = Lots of CASH
Our society is addicted to convenience. If it isn’t easy or on our way, we just don’t do it. This is what makes convenience stores, fast-food restaurants and Amazon’s Alexa so popular!!
Often times, convenience is given a negative connotation. It’s attributed to laziness and lack of care. But you can actually use convenience to your advantage when it comes to financial management.
How many bills do you have to pay on average in a month? Do you know the exact due date of those bills? If you’re like me, you have to have a reminder on your phone to actually make the payment. This is one of the advantages of auto-pay on monthly bills. When your debit card or checking account is linked to the utility or service, you never have to worry about missing the payment and having late fees. Of course, you have to budget the money to be sure it’s there. But you know the payment is taken care of.
This same concept can apply to your savings and retirement investing. If you have a hard time remembering bill due dates, I’m sure you don’t always think about making a monthly savings or retirement contribution. It’s a common mental condition that everyone, including myself, faces on a daily basis. And that’s what makes auto-pay on these accounts beneficial as well.
When you connect your checking account to your savings or investment accounts, you’re able to schedule regular deposits. You never have to think about it, and you never have to worry about missing it.
The best thing – you’re still making progress, even without realizing it. Imagine if you automatically deposited $500 into your retirement account every month without even thinking about it. That’s $6,000 a year invested…or a total of $180,000 in 30 years automatically. Add in your interest on said automatic deposits and you’re over $1.1 million!!!
Don’t let convenience be a negative word in your house – use it to your advantage to keep the lights on and your retirement growing. You can thank me in 30 years 🙂
To learn how you can add more convenience to your finances, schedule a free consultation. We’ll discuss your goals and vision and create a plan that makes building wealth convenient and fun! Click here to get started.