Automatic saving: paying yourself first on payday
AmanaFi team · Updated · 1 min read
Saving what is left rarely works, because almost nothing is ever left. Automatic saving reverses the order: a sum moves aside on payday and you live on the rest.
Why automatic works
The decision to save is made once, calmly, instead of being replayed every month in front of temptation. What is out of sight gets spent less.
How to set it up
A few minutes is enough.
- Choose a sustainable amount, even a small one.
- Schedule a standing transfer on payday or the day after.
- Open a separate savings account with no card attached.
- Raise the amount with each rise in income.
Keeping control
If one month is unusually tight, reduce the transfer rather than stopping it. A long interruption breaks the habit more surely than a temporarily smaller amount.
Frequently asked
What amount should I schedule at first?
An amount you will not feel too much, for example 5% of net income. What matters is that the transfer happens every month; you raise it later.
Put it into practice with AmanaFi
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