This is a follow up to an earlier post I wrote called How you can save money effortlessly using Monzo, Marcus by Goldman Sachs, and Moneybox and an update to how the Moneybox part is doing. Automatic equals painless Ramit Sethi is all about having systems in place so that you don’t have to use your willpower. Because willpower is fickle and it gets exhausted and it doesn’t always work. Systems on the other hand do work. Such as setting up automatic payments to come out of your account straight after pay day to go into your savings account or into your investment account. This way you don’t even think about it. This is how I’ve set up my Marcus savings account and my Hargreaves Lansdown ISA. It comes out of my account and automatically saves and invests for me. I don’t have to think about it and I don’t …[Read More]
Moneybox
How you can save money effortlessly using Monzo, Marcus by Goldman Sachs, and Moneybox
I’m not a great saver. In general, I’m a spender. But I want to become a decent saver so that that I can invest it and make a good pile of money before I retire and hopefully live well before that. Given my spending nature, for me, it’s about creating systems that take out the need for willpower and that make it easy for me to spend less and save more. Monzo, Marcus, and Moneybox help me do that. Monzo Monzo is a new bank account that’s mobile-only and aimed at young people. It has a cool bright pink card that when you tap it or use it, sends an instant update to your phone. So I know immediately when I buy a coffee or lunch. It literally tells me as soon as I tap my card on the reader. So how does Monzo help me save money? Two ways: …[Read More]