Consistently adding to your savings has many benefits and one major setback. That major problem is that a persons desire for immediate fun (gratification) by spending available money has to be set aside. This is were many fail to think and act for the long term, and rather choose to enjoy the now. There’s nothing wrong with enjoying life and having fun as much as you can, but it doesn’t always require money to do it!
There are several ways to make the thrifty ways fun, but the saving of discretionary income usually doesn’t have much of a fun factor associated with it. So an automated method may be best. While many people have automated paycheck direct deposit, fewer have an automated payment system to their long term savings or retirement accounts setup.
Having an automatic monthly contribution made from a savings or checking account to an RRSP, a TFSA, a mutual fund, or another investment choice is a wise way to steadily build a retirement scheme. It takes the emotion and any discipline difficulties out of the equation. Now knowing that you have taken care of the long term prospects you can go out and have a good time. The best of times are those you spend with good friends and your family, enjoying the world and it’s beauty.