With countless apps and technology to keep us organized, many of us have forgotten about a simple process that can streamline not only our banking but also our saving: automatic transfers of funds from one bank account to another.
For example, do you want to set up automatic transfers out of your checking account and into your savings account? Go online, or visit your nearest bank branch. Virtually all types of accounts offer a way to set up automatic bank transfers.
Consider these four reasons to start automatic bank account transfers:
- More to Save: Have you ever tried to meet a savings goal, but then realized… whoops! you’ve already spent those funds? Consider scheduling automatic transfers for the day after you get paid! If you make the transfer from your checking account to your savings account automatic and well-timed, you’ll save yourself from indecision, impulse, and human error.
- More to Spend: It will be much, much easier to stick to your budget if you automate transfers into your savings or emergency funds. That way, you won’t be forgetting to contribute to your savings, and you’ll be remembering to spend wisely!
- Acquire More: If you’ve saved up enough emergency money to cover three to six months of living, consider automating your future passive income. Schedule automated transfers into your retirement account, brokerage account, or permanent life insurance policies. Automating will make it easier to acquire assets through the time value of money!
- More Time: For every decision you eliminate out of your routine, you increase your productivity. Automatic transfers save you stress, time, and the guilt of overspending.
Make your banking work for you! To learn more about improving your financial life, visit Syncis at https://www.syncis.com/blog