What has been your most successful tactic for saving? We see a lot of strategies work for different people across our client base, and although there are some tactics that are generally successful for most people, one size does not necessarily fit all.
I asked my planners what their most successful strategies are – Here’s what they said:
Joann Nieciecki:
“My most effective saving strategy has been to maximize retirement contributions early on – it’s the “out of sight, out of mind” trick. Because I never saw that money in my paycheck, my lifestyle naturally adapted to prioritize saving.
For those who missed the initial opportunity, try nudging up your contribution by 1% each year or whenever you get a pay increase. It’s a methodical approach that ensures consistent savings growth without feeling the pinch.”
Sam Kirby:
“Automation! Setting a savings goal is great……but getting to the end of the month and realizing you no longer have the cash to save the amount you were hoping for is pretty discouraging. I have found setting up automatic savings, either through payroll or your bank account, ensures the cash ends up in the savings account. It’s so much easier psychologically to know that what’s in your checking is actually what you’re allowed to spend.”
There you have it. Is saving more a priority this year? Then I recommend you chat with us sooner than later… you can find out more about that here.
