Automate Your Daily Savings Transfer With Ease
Automatic Saving Transfers
Lump some transfers to your savings account can shock your finances and throw them out of whack. If you’re living check to check, the idea of putting a lump sum aside may even seem like a stretch. Automatic daily transfers to your savings account removes that burden by splitting your savings up into daily transfers. The idea can be applied to any savings goal. Simply set a savings target and divide by the number of days you want to take to save that amount. For instance, if you wanted to save $1000 dollars in a year you would put aside $3 each day.
Once you know the amount for your daily payments log in to your online banking platform and set up a recurring transfer to your savings account. Keep in mind that you will need to ensure that the balance will cover the transfer each day. If you miss a payment not only will this hinder your saving; it may also cause overdraft fees with your bank!
If the app or online banking platform doesn’t let you establish a daily transfer, try calling customer service before doing manual transfers. These transfers apply the same concept except you’ll have to initiate them yourself each day. One upside is upfront reinforcement for the concept of saving. Another allows you to tailor your saving each day to your account balance. The downside, however, is that it’s a lot easier to fall behind on the transfer and make excuses.