Good savers have a retirement account
It’s not new advice, but there’s a reason every financial adviser repeats it: Because this is your future we’re talking about. A good rule of thumb is to put ten percent of your paycheck each month straight into a retirement account, Garrett says.
Good savers know the difference between wants and needs
One of the biggest lies we’re sold today, Stanzak says, is that wants are actually needs. “I’ve had so many clients try and tell me that travel, new clothing, and eating out are real needs,” she says. “They’re really not.” Instead, good savers actually write down a list of their basic needs, their wants, and their big wishes. For more money-saving tips, learn the things rich people never waste their money on.
Good savers don’t rely on autopay
Autopay makes banking easier: In fact, it makes it too easy for money to flow in and out without your really registering what’s happening, Garrett says. Whether it’s writing out a physical check or filling out the form online, intentionally paying your bills makes your brain note the expenditure. If you do set up autopay (no late fees, after all!), make sure you don’t just set it and forget it. Check the transactions at least once a month to make sure the charges are accurate and get a good sense of what you’re spending. Even better, Garrett adds, good savers write all those transactions down in their budget. Which leads us to…