Lately, I have been getting a number of questions about the best way to save money. As many readers of my column have pointed out, they have no trouble coming up with reasons or ways to spend their money.

When you stop to think about it, it is a good question, because your natural instinct might be to steer the conversation towards investing and offer advice. But in reality, the question is about the process, which is saving as opposed to the action, which is investing.

From my perspective, one method that has stood the test of time and consistently delivers results is forced savings. In other words, making the process automated.

Forced savings, at its core, is a system of financial discipline through automation. The fundamental principle is simple: you remove the option to spend by treating your savings goal as a non-negotiable expense, just like your rent or mortgage or Belco bill.

This flips the traditional budgeting model on its head. Instead of trying to save what is left at the end of the month, you save first and live on the rest.

The process begins when you receive your paycheque. The moment your salary is deposited, a pre-authorised automatic transfer moves a designated percentage of your income into a separate savings or investment account.

This is not a manual transfer you have to remember or decide to do; it is an automated instruction set up through your bank. By removing the manual step, you eliminate the mental friction and temptation to skip a week or spend the money elsewhere.

To make this strategy truly effective, a critical psychological barrier is recommended: distance. Ideally, the savings account should be held somewhere completely different from your primary banking.

You do not link a debit card to it, and you avoid easy transfer mechanisms that allow for instant movement of funds back into your spending account.

This creates a beneficial “out of sight, out of mind” effect. If it takes two or three days to access that money, you are far less likely to make an impulsive withdrawal for a non-essential purchase.

Over time, this automated process leverages the power of consistency. Even a modest contribution, such as 5 per cent or 10 per cent of every paycheque, builds a substantial financial cushion. It transforms saving from a constant, draining exercise in willpower into a passive, painless habit that builds wealth in the background of your daily life.

Building on the principle of forced savings, one of the most effective ways to put that concept into action is through voluntary contributions to your company's defined contribution pension plan.

While employees contribute the standard 5 per cent with their employer matching the contribution, adding voluntary contributions offers a range of powerful benefits that can significantly accelerate long-term wealth accumulation.

The true magic lies in the compounding growth factor. As these contributions are invested within the overall pension strategy, they benefit from decades of growth on top of growth.

The earlier you start, the more time your money has to work for you, creating a snowball effect that becomes increasingly difficult to replicate with later, larger contributions.

Another major benefit is the discipline of the payroll deduction, because the money leaves your paycheque before you ever see it, therefore you are utilising the forced savings mechanism at its highest level.

You cannot spend what you never had, making it far easier to save consistently than if you were trying to transfer money manually from a bank account each month. This automates the entire process and removes the temptation to skip a month or redirect funds elsewhere.

Furthermore, voluntary contributions help build resilience as they increase the total capital in your retirement “pot”, providing a larger buffer against market volatility and a more comfortable income stream when you eventually stop working. It is a proactive step that turns a mandatory pension plan into a robust, long-term, wealth-building tool.

I can attest that I have been making voluntary contributions to my pension for years, and it has helped me build some substantial savings that will hopefully be meaningful when I retire.

Now something very important to note. Before implementing this method, make sure you understand your company's pension plan rules.

First, check that voluntary contributions are permitted within your plan. Second, ensure you have a clear understanding of the rules surrounding withdrawal of those voluntary funds.

The reality is, the process of saving can be simple, and applying the forced savings approach is even simpler, yet it remains one of the most powerful ways to build lasting wealth.

At its core, forced savings removes the hardest part of saving money, which is the constant decision-making and willpower required to set cash aside manually.

By automating the process, you eliminate temptation before it has a chance to creep in. You cannot spend what you never see.

This approach transforms saving from a daily struggle into a set-and-forget habit. There is no need to remember, no need to debate whether you can afford to save this month, and no need to scrape together whatever happens to be left over. The work happens automatically in the background.

Over time, consistency delivers results. Even modest contributions, deducted regularly from every paycheque, build into a substantial cushion.

Forced savings quietly turns small, painless amounts into financial security, giving you peace of mind while you go about your daily life. Set it up once, let it run, and watch your wealth grow.

• Carla Seely is the chief operating officer at Freisenbruch Insurance Services Limited and has 26 years of experience in the international financial services, wealth management, and insurance industries. During her career, she has obtained several investment licences through the Canadian Securities Institute. She holds the ACSI qualification through the Chartered Institute for Securities and Investments (UK), the qualified associate financial planner (QAFP) designation through FP Canada, and the associate in insurance (AINS) designation through The Institutes. She also completed a Master’s Degree in Business and Management through University of Essex

• For further inquiries or suggested topics, e-mail justaskcarla@outlook.com