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Automating Your Way to Savings

Writer's picture: Heather PresleyCowenHeather PresleyCowen

Updated: Aug 3, 2024

Greetings, Club 720 family! By now, we've talked about the power of savings, forming saving habits, and budgeting. But there's an even simpler way to supercharge your savings. Today, we'll show you how you can automate your way to savings success.


The Power of Automatic Transfers

Have you ever heard the phrase, "Out of sight, out of mind"? It can apply to saving, too. With automatic transfers, money goes directly from your checking account into your savings account. You won't miss what you don't see, and over time, you'll build up a nice savings cushion without even thinking about it.


How to Set Up Automated Savings Transfers

Most banks offer automatic transfers, and setting it up is simple. Here's a step-by-step guide:

  1. Decide How Much to Save: Refer back to your budget. How much can you afford to save each month?

  2. Choose a Transfer Date: It's often best to set up the transfer for shortly after you're paid.

  3. Set Up the Transfer: Log in to your online banking and find the option for automatic transfers. If you're unsure, contact your bank—they'll be happy to help.


The Impact of Automatic Savings

So, why should you automate your savings? Here are three big reasons:

  • Consistency: Regular, automatic transfers ensure you're consistently adding to your savings, which is key for growth.

  • Ease: Once set up, you don't have to think about it. It's saving made easy!

  • Building Wealth: With each automatic transfer, you're steadily building your wealth and moving closer to your financial goals.


There you have it—the simplicity and effectiveness of automated savings. It's one of the easiest ways to consistently add to your savings without having to remember to do it.

Join us in the next post, where we'll discuss how savings can help break the cycle of living paycheck to paycheck. Until then, keep saving, Club 720 family!


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