Set up direct deposit for your paychecks

A recent study shows that those who have a portion of their earnings directly deposited into a savings account automatically save about $450 a month, much more than usual. Try it. Start with $50, then go to $75 in a couple of months, then to $100 and so on.

Boost your 401(k) contribution. Often, your employer may match contributions that you make to your 401(k) up to a certain level. If there’s one financial decision that absolutely every single person needs to make, it’s this… Always contribute to your 401(k) to earn the maximum employer contribution. Skipping out on that free money is the most senseless mistake in personal finance. And if you ever receive a raise, put the extra money into your 401(k) up to the maximum amount ($17,500 in 2014, $18,000 in 2015). At my company, I make an instant 50% on the first 6% I save because the company matches. It’s the best investment I make every year.


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