At first, investing your money and seeing the results can be exciting. In order to reap the long term benefits you will need to stay on track with consistently investing your money weekly, bi-weekly, monthly, etc. There are easy ways for you to stay on track to safeguard yourself from forgetting one week or simply you don't think it's a good time to invest your money. The truth of the matter is that you have enough to consistently invest your money for the rest of your life. Even if it is one dollar you will be lightyears ahead of the person who didn't do it at all!
Here are four easy ways to keep yourself on track forever:
This is the process of setting up a time period for your money to be automatically deposited into your investment account. For example, you go into your brokerage account under deposits/transfers and set up an amount with a consistent deposit from your primary bank account. This is great because you don't even have to think about it. It is automatic every time and you will simply receive a notification when it happens. This eliminates any possibility that you forget one week.
Plan, Time, And Date
Picking a date every day of the week or a day of the month will make your life that much easier. For example you want to invest $100 the first day of every month at 11:00am. You write it on your calendar or on a piece of paper and now it is there. It is out of your head and into physical form reminding yourself that this is what you do on the first day of the month, you invest $100 into your investment account at 11:00am.
Organizing each area of your finances will provide clarity. You will be crystal clear about how much is being put into your financial future, expenses, fun, and your dreams. Seeing how much will go where each month will make it easier for you to determine on the amount you will put towards investing. Write down the actual amount on paper, Microsoft excel, and other apps that will help you organize.
Jar It Up
Now this can be useful in small amounts to give yourself a physical look at the money you are saving towards investing. But it absolutely cannot stay in that jar for long. Every day that passes that money is becoming less valuable due to inflation. If this technique helps you be more consistent for a weekly bases than by all means go for it. For you to have this money sit over the course of a month and not earn for you every second of the day is doing you a disservice.
We suggest putting money into your investment account in the most efficient way eliminating any chance of human error. This will allow the money to start earning as soon as possible making your life easier by not having to remember to do it.
There are easy ways for you to become a pro at staying on track for your financial future. Use the best method that works for you and stick with it. The more you do it the easier it gets. After all it is for your life and the future lives of your family.