Automate your savings
Do not save what is left after spending, but spend what is left after saving. ―Warren Buffet
👥 Serves: 1 person
🎚 Difficulty: Easy
⏳ Total time: 11-30 minutes
🥣 Ingredients: Bank account
🤓 Wholebeing Domains: Accomplishments, Discomfortability
💪 Wholebeing Skills: Agency, Planning, Self-regulation
Automate your savings
📝 Description
Automate your savings for wellbeing.
Having a savings account is a great way to put money aside for your wellbeing.. This includes things you can plan for, such as future goals, family planning, a down payment, a wellbeing retreat, or something special – and things you cannot plan for, such as a health care emergency.
Putting all of your income and money into one account, like a checking account, may seem like an easy and accessible option for managing your funds. However, by putting some of that money into a savings account every month, it can help you to properly save, and potentially even put your money to work by earning interest. Most savings accounts offer interest, and while it usually isn’t a huge amount, it could still have you making “free” money each month (even a few dollars a month adds up!).
This recipe has been created by our wellbeing content writer collaborator Marissa Del Mistro.
👣 Steps
Step 1 – Opening a savings account (15’)
If you don’t yet have a savings account, the first step is to open one! You can open one with the same bank that you have a checking account with, or you may prefer to look into a new bank. Oftentimes, online banks offer the best interest rates, as they don’t have the additional costs of a traditional brick and mortar bank.
Depending on what you choose, you may have to go into the bank to open a savings account, however many institutions now offer a quick, online setup.
Step 2 – Automating your savings (5’)
You can speak to your employer and ask them to fund a specific set percentage/amount of your paycheck every month directly to your new savings account, and the rest to your regular checking account.
If that doesn’t work for you, you can set up an automatic transfer yourself, from your checking to your savings.You can choose the date and have the transfer take place after your payday, each month. This transfer of money in your savings account will go on to grow without much effort from you!
Remember that even if you are putting away $5 every month, that is more than none. Do what works for you and your current income.