Another painless savings strategy is to bank all of your raises. If you can pay your bills on your current income, you can simply send all that extra money straight to savings. The same goes for bonuses, cash gifts or other unexpected windfalls.
This method is especially easy if your employer allows you to directly deposit your paycheck to multiple accounts. Set up a direct deposit to savings for the amount of the raise, and you’ll never miss it. Then, when your furnace gives up the ghost or it’s time to take that cruise, you’ll have a nice sum of money waiting for you in the bank.
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