How Earmarking and Labeling Can Boost Your Savings
A simple research backed strategy to save money that is dead simple
It’s not easy saving money these days.
With the high cost of living — particularly housing — easy and painless ways to pay for things, and a non-stop barrage of advertisements, it’s a minor miracle any of us have money left to save at the end of the month.
That’s why I am focusing a lot of my research and writing on simple ways that people who make an average amount of money can start saving more — even if it’s only a little bit more.
Every step forward makes a difference in the long run.
Read on to the end of this post to learn how some easy sorting and labeling of your money has been shown to help people increase their savings rate.
Understanding Financial Time Travel
The more I research theproven methods for regular people to save money, the more I keep returning to the concept of financial travel, which I cover in depth in my book The Investor’s Mindset.
Here’s the over-simplified version of the concept:
- Saving and investing is your current self sending money to yourself in the future
