From the course: Financial Adulting
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Automating savings
- So let's get back to our worksheet. We need to see how this plays out in real life. So let's say for example that you get two paychecks a month. I want you to take your first paycheck and make sure a percentage of that paycheck goes straight to your 401k. You have to take care of that future self. Next, pay all your fixed expenses with this paycheck. The way to do that is to call your credit card company, your water, your trash, your electric, and ask them to put all your bills due on the fifth so you pay all your fixed expenses with that first paycheck you get. The second paycheck is all about savings. We want it to be set up so you automatically save a percentage of your money into your specific savings accounts, your Roth IRA and if you want, pay an extra payment on that mortgage. So for example, if you get paid on the 15th, you could have an online savings account and your Roth IRA automatically draft a certain amount of…
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