My payroll department will take amounts off my cheque and deposit to an employee savings account for me. This year, when I got my increase, I up'd my savings by exactly the same amount. So far, I haven't missed a penny of it - seeing as how I wasn't used to getting it in the first place.
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Many emloyers give annual evaluations and merit increases. If you are in this group....each year you should save 1/2 of your raise. Either increase your 401k contribution by 1/2 of your merit increase or put those monies in a savings to investment vehicle! It will suprise you what you will have in a few years!!303
When I was young, parents (at least MY parents) never discussed money. It was only when I took over my elderly mother's finances that I discovered they had paid cash for cars, rented from inlaws while saving to buy their modest home for cash, invested in stocks, & paid all credit cards in full each month. When my father's salary increased, he saved the extra until he had enough to buy a $1000 CD (certificate of deposit) several times/year. It took decades for me... (click title for more info)
to learn good money habits on my own. Don't discuss specifics with children, but when opportunities arise, teach them the pitfalls of credit card spending, benefits of saving & investing, bargain hunting, & good money management skills. And above all, practice what you preach.
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