The ‘Set-It-and-Forget-It’ Trick Financial Planners Swear By To Build Savings Fast

Core Insights - The article emphasizes the importance of automating savings to help individuals manage their finances more effectively and avoid impulsive spending [1][4][5] Group 1: Automation Benefits - Automation allows individuals to regularly funnel money into savings and investment accounts without needing to remember to do it manually [2][4] - It helps alleviate the feeling of "losing" money when transferring funds from checking to savings, as the process is seamless and often unnoticed [5][6] - Setting up direct debits creates a commitment to save, allowing savings to occur in the background without daily attention [4][6] Group 2: Implementation Strategies - The ideal time to automate savings is immediately after payday, once essential expenses have been covered [6] - Identifying specific savings goals (short-, medium-, and long-term) can enhance the effectiveness of automation by directing set amounts toward each objective [7]