Automate Your Savings for Maximum Benefit

One of the greatest consumer tools to be adopted by banks in the last decade is online banking. This powerful tool lets you check your account balance, transfer funds, and manage your money from the comfort of your office or home computer. Online banking has also made it easier for people to save money by allowing users to better maintain their accounts and manage the flow of funds in and out of their bank.

This ability to track and transfer funds has also made it remarkably easy to save money. Chances are your bank has a feature in its online banking system to set up scheduled automatic transfers between checking and savings accounts. (If not, we know a great bank that does.) You can easily set-up these automatic transfers to move nearly any amount of money from your checking to your savings-and you won’t ever have to lift a finger after the transfer is set-up.

After time you may find you don’t ever really think about it either. Try it for a month to see how easy it is. Set-up a $5, $10, or $25 (or whatever amount you can afford) automatic transfer from your checking to savings account. Set it to be a weekly, bi-monthly, or monthly transfer. After the month passes, examine your finances. Did you miss the money? Maybe you need to set a lower amount. Perhaps a more aggressive amount is appropriate. Soon you’ll be building up your rainy day or vacation fund without a second thought.

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