Page 11 - EQ Mag-2019

SAVINGS RESOURCES

Are you living with

the daily stress

of debt hanging

over your head?

By Christian F. Cartwright

forced savings plan may be the answer you’re The Benefits of a Forced Savings Plan
looking for to regain control of your finances. It’s
Aeasier than you think to start taking positive steps The right advice can show you the places in your
towards getting out of debt. monthly budget where you can afford to cut a few
corners and keep more of your hard-earned money in
What is a forced savings plan? the bank. Here are a few effective suggestions to get
you started on a savings plan.
In personal finance, a forced savings plan can also be
known as a commitment to invest. It is a series of Automatic Online Savings – Set & Forget
automatic transfers that are in place to ensure your
financial plan and investment strategy continue to run Consider having a fixed amount of your salary or
while all elements of your financial world are being regular income automatically transferred into an
accounted for. A forced savings plan is applicable for all online savings account. This should be a separate
people at all stages of their financial journey. account from the one you use on a daily basis. By
automating the process, you don’t need to worry
As outlined in the example (pg. 11), a forced savings about holding money aside for a savings plan. Even a
plan utilizes a forced savings account that is set up with few dollars a week will add up over time!
www.codemmagazine.com a completely different financial institution to your regular
transaction and spending account.

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