Have you ever thought that when you buy something on your credit card, that you’re in fact spending money today that your future self will have to pay for?
Or conversely, if you put money into a savings account that you’re leaving money aside and giving it to your future self to enjoy?
These days the motivation to save can be really hard, with the constant stream of advertising to tell us we need a new this and a new that on top of the YOLO (you only live once) mentality that is pervading our society telling us that no need to plan ahead as ‘she’ll be right’
A great way to set up your finances to help you think about giving to your future self is to set up separate bank accounts for different purposes (as shown in this video). Then set up automatic weekly deposits from your main account into these ‘future self’ accounts such as travel or long-term investments I’ve found to be really effective for myself personally and my clients. . . . . . . especially throughout the Christmas season.
Phillip Thompson & Thompson Financial Services are authorised representatives of Synchron, AFS Licence No. 243313.
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