Using your online savings account, you can automate savings from your central checking account on a weekly, bi-weekly, or monthly basis.
Here are 5 reasons to automate your savings.
- Treat Saving Like a Bill ? Instead of waiting until the end of the month to see how much money you have left over, automating your savings treats it like a bill you have to pay. Saving is now a priority; it’s not something you try to do when you can.
- Pay Yourself First ? The second most important personal finance principle ? after spending less than you earn ? is to pay yourself first. You’ll never build your net worth and reach your goals if you aren’t saving, and automating that is crucial to consistent growth.
- Remove the Human Element ? When your money moves automatically, you never make the mistake of forgetting to put it aside, transferring the wrong amount, or making a mental excuse for why you can?t save it this month.
- Feel Comfortable ? Stop worrying about whether you’re saving enough, or if you’ll have the cash to put aside this month. When the system is set up to work for you, you can feel comfortable that you’re on track to reach your goals.
- Save Time ? Your time is valuable. Why not use these tools to spend your time doing the things you love, rather than managing your money?
Why do you automate? Let us know in a comment.
