Good morning guys! Welcome to Day 10 of Financial Freedom Challenge 🙂 How is it going with Day 9? I hope you’re working on it! As I said yesterday you can take up to one week for Day 9, so if you haven’t completed it yet, don’t worry.
In any case today we start working on Day 10, which is another very important step. We’re going to create automatic savings.
Let’s get started!
What’s today’s task?
As I always say, saving more is a crucial step to achieve Financial Freedom. This is because saving money is much easier than earning more money and it’s something you can start doing right NOW.
That’s why we should set up automatic savings.
What do I mean by automatic savings?
Well, it’s simple. I mean that we need to create a system that automatically saves part of our Income.
There are many options to accomplish this goal. The first one is the most effective and you should put it in practice as soon as possible. The second one is a “lighter” option and you can choose whether to implement it or not. My advice is to combine them.
- Create a monthly automatic transfer from your first bank account to the second. I remember you that the second account should be dedicated to savings and investments. The amount of the transfer should be a fixed percentage of your Income. My advice is to start by transferring 5-10% of your Income.
- Download one of the many apps that allows you to save money by rounding your purchases and saving/investing the difference.
For instance, I downloaded Oval, which is an app that does exactly what I said before. It allows me to save on every purchase and also to invest these savings in themed funds.
A brief summary of today’s task of the Financial Freedom Challenge
- Set up a monthly automatic transfer from your first bank account to the second (start with 5-10% of your Income)
- In addition, download an app that allows you to automatically save more money (Example: Oval)
This was Day 10 of the Financial Freedom Challenge. This step will allow you to save an incredible amount of money in the long term. Never forget that Financial Freedom is a long term goal. If you have any questions about this challenge, write a comment and I’ll be glad to answer you 🙂
Are you already saving money? If yes, how? Share your methods in the comments, I’m very curious!
Come back tomorrow for Day 11. I’ll be here for you! Remember to follow us on Facebook and Instagram! Share this challenge on your social media: this will keep you motivated during the path, trust me 🙂 If you want direct contact with me (answers, discussions, doubts, advice…) and the other participants, join our Telegram groups (ENG Group, ITA Group).
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