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Don't set it and forget it: Update your automated savings each year

Automating your savings is near the top of any personal finance expert's list of best practices. The idea is simple: Set up a regular transfer of money into a savings or investment account each time you get paid. But the "setting it and forgetting it" rule could benefit from an annual review to see if you can do more. In this video, Preet Banerjee explains how making a small increase at the start of each year to the amount you automatically set aside can make a big difference over the long run.

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About the Author
Personal Finance columnist

Preet Banerjee is a consultant to the financial services industry. You can follow him on twitter at  @PreetBanerjee. You can find his conflict of interest disclosure on his website. More

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