The hack I use for making simple money decisions that helps me stay consistent
Here's what: My hack for making simple money decisions
It took me years to admit I have decision paralysis.That is to say, it can be really difficult for me to make even the simplest decisions in my personal life, from what to get for dinner to what soap scent to buy. I'll often ask someone else to choose for me or just abandon the task at hand.
I make one initial decision — like how much to save and how often — and then I set the rest on autopilot. That means twice a month, every month, my 401(k) gets a little boost, as does my high-yield savings account. I don't have to obsess over how much I should be saving or whether it's the right time to invest, it's just happening. And since that money is taken out of my pay first, deciding how much I should be spending monthly is a nonstarter. What's left over after
Starting this month, I'm putting a quarterly check-in on my calendar, with a beginning time and an end time, so I can reassess the major aspects of my financial situation — savings, spending, and
Expert tip of the week
"If you earn a decent income but have trouble saving, the culprits are likely the roof over your head and the car(s) in your driveway. Those big-ticket purchases tend to be public enemies No. 1 and 2, respectively, when it comes to identifying the root causes of lifestyle creep ..."
—Malcolm Ethridge, CFP and Business Insider contributor, on the things he always tells people in their 50s about retirement that they never want to hear.
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While there's something to be said for making a mistake yourself and changing your behavior accordingly, why not skip the hardship and learn from others?
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