Prepare for a worry-free future

Set up a pre-authorized withdrawal from your checking account on the day you get paid. This withdrawal will come out automatically after your paycheque goes in. It’s recommended to set it up for 10-15% of your paycheck. Keep bumping up the withdrawal amount as far as you can without severely impacting your quality/enjoyment of life. By doing this the money will likely be withdrawn before you even get a chance to spend it. Have the money go into an investment account of some kind (something that you don’t have access to with a bank card or anything that convenient).

By doing this you will gradually adjust your spending to the smaller amount, because it will seem like you are getting slightly smaller paychecks. By having it in an account that isn’t as accessable you won’t be able to spend it as easily so it will actually grow. And finally, by having it automatically come out on your payday it will be less noticable, which means eventually you will forget it is even happening and the money will grow and grow and grow!

This is referred to as “Paying Yourself First” by many financial professionals.

Is that what you mean by creating a monthly savings plan?