Pay Yourself First with Auto Transfers
When learning to manage money and build savings, one often comes across the phrase “Pay Yourself First.” But what does this phrase mean?
Pay Yourself First means that when you receive a paycheck, tax return, or other income, you immediately put some portion of it into savings, paying yourself first, before you start paying bills or using the remaining funds.
You’ll need to determine how much you can save, but saving in this routine way means you’ll continually make progress toward your savings goal. Even small amounts add up, and it’s important to start as soon as you can to begin building savings, especially for an Emergency Fund.
One way to automate the Pay Yourself First process is to set up recurring automated transfers from your Checking account to your Savings account. You can schedule the transfers to take place automatically every time a paycheck is directly deposited to your Checking account. This is an easy set-it-and-forget-it method that ensures your savings balance will continue to steadily grow.
If you need help setting up an auto transfer between your Checking and your Savings account, Contact Us for help.