@[email protected] to WikipediaEnglish • 2 months agoLifestyle Creep (anyone know how to avoid this?)en.m.wikipedia.orgexternal-linkmessage-square36fedilinkarrow-up158arrow-down11
arrow-up157arrow-down1external-linkLifestyle Creep (anyone know how to avoid this?)en.m.wikipedia.org@[email protected] to WikipediaEnglish • 2 months agomessage-square36fedilink
minus-squareOnno (VK6FLAB)linkfedilinkEnglish18•2 months agoAutomatically transfer all excess funds into a separate account with penalties for withdrawal.
minus-square@[email protected]linkfedilinkEnglish5•2 months agoMoney sitting on a savings account loses value. Buy stocks, indexes or ETFs with the money instead. The penalty for getting the money back is capital gains tax.
minus-square@[email protected]linkfedilinkEnglish2•2 months agoThis was always my approach - as soon as you get a pay rise, increase the amount going to savings. Never had it, don’t miss it. As for how long to leave it in savings, totally different question and depends on what you want from life.
Automatically transfer all excess funds into a separate account with penalties for withdrawal.
Money sitting on a savings account loses value. Buy stocks, indexes or ETFs with the money instead. The penalty for getting the money back is capital gains tax.
This was always my approach - as soon as you get a pay rise, increase the amount going to savings.
Never had it, don’t miss it.
As for how long to leave it in savings, totally different question and depends on what you want from life.
This is the correct way to do it.