💰 Set it and forget it

Published On: June 2nd, 2023

Many successful savers and consistent investors use a trick to achieve their financial goals, and it costs nothing to get it done. They set a default to automate their savings.

The most impactful banking default is to automatically move some of your income directly into a retirement savings account instead of keeping it all in checking.

Research shows setting little defaults can add up to a lot of cash.

Today is all about using defaults to influence behavior.

BTW, I’ve got a new speaker trailer – Check it out. You’ll get to know me a bit better too.

Let’s do this!

Today’s newsletter is 373 words, 2 minutes.

10 money things worth sharing this week

1. The Simple Choice. How to use defaults to reach your financial goals and avoid the ones that might trick you. (excellent podcast)

2. Behavioral Economist Shlomo Benartzi shares how the Save More Tomorrow Nudge can increase your retirement savings. (TED Talk)

3. Why saving more for tomorrow actually works. A financial planning view.

4. How default settings rule the world. Kinda scary too.

5. How digital tools and behavioral economics will save retirement. Lots of tools to help you in many areas of your life.

6. Make a promise to yourself. It will boost savings.

7. How to save time and money by automating your finances. A simple guide with actionable advice.

8. Choiceology’s Guide to Nudges. Whether it’s creating prompts to review and rebalance your portfolio or setting defaults to increase savings, there are many small nudges that could improve your financial decisions.

9. How to optimize your daily decisions and build better habits.

10. Set a default to make healthier dietary choices. This story is about rearranging a cafeteria, but you can use this technique to reorganize your fridge or pantry too.

Science shows that putting ‘good decisions’ on autopilot can improve not just your wealth, but your health and happiness too. A fun assignment this weekend is to find areas in your life where defaults can help – or hinder – your success.

Love love love,

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