In this series of Tips from the Pros, MONEY taps the collective wisdom of expert financial planners.
According to financial advising experts, if we see we have money in our account, we will spend it rather than think to save it. If you want to save more of your income there is only one thing you need to do: automate your savings. Set up your bank account so that a portion of your paycheck goes into your savings account, your 401(K) plan or any other investments you may have. If you never see the money that is taken out, then you will be less inclined to spend it because in a way, that money already has been spent.
Allan Katz Comprehensive Wealth Management Group
David Mendels Creative Financial Concepts
Sam McPherson McPherson Financial Advisors