How do I put money into savings and forget about it?

December 8, 2008 by · 9 Comments
Filed under: Blog 

I want to put money into savings every month but I don't want any other access to it. I always end up spending it. How do I do this?

Set up your savings account/money market fund to automatically deduct a certain amount from your checking account each month (make sure you're getting at least 4% interest). Then, just don't ask for checks or a debit card if they're even available. If they come automatically, just cut them up. Then forget all about it. The money will flow in every month. Better yet, invest it in an index fund or something that you'd actually have to sell in order to get the funds (you can do that automatically too, just as easily).

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