Automation has revolutionized the way we manage our finances. One of the most powerful tools at your disposal is automation. By setting up automatic transfers, we eliminate the need for manual intervention, ensuring that our financial goals are consistently being met without having to actively think about them. This not only saves time and effort but also helps in building disciplined financial habits.

Automatic Transfers to Savings Account

Setting up automatic transfers from your checking account to your savings account is a simple yet effective way to ensure that you’re consistently putting money aside. You can choose a specific amount to transfer on a regular schedule, whether weekly, bi-weekly, or monthly. By automating this process, you remove the temptation to spend that money elsewhere and, instead, watch your savings grow effortlessly over time. 

3 Tips for Effective Automation

1. Set Clear Goals: Before setting up automatic transfers, define your financial goals. Whether it’s building an emergency fund, saving for a down payment, or retirement planning, having clear objectives will guide your automation strategy.

2. Start Small, Increase Over Time: If you’re new to automation, start with modest amounts and gradually increase them as you become more comfortable. Consistency is key, so it’s better to start small and stay consistent rather than setting overly ambitious goals that you might struggle to maintain.

3. Review and Adjust Regularly: While automation promotes hands-off management, it’s essential to periodically review your automated transfers to ensure they align with your current financial situation and goals. Life circumstances may change, and adjustments may be necessary.

TIP: Set-up your budget in the MoneyWellth app and allow the app to help guide you to a good monthly saving goal, then use the app to track your budget and savings over time!

Automatic Transfers to Investment Accounts

While saving is crucial, investing is where true wealth-building potential lies. However, many people struggle to consistently invest due to various reasons such as procrastination or lack of knowledge. Here are a couple of investment apps that can help. 

Acorns: This app is great for beginners as it allows users to invest spare change by rounding up everyday purchases to the nearest dollar and investing the difference into a diversified portfolio of ETFs.

Robinhood: This app is great for investors of all levels. Known for its user-friendly interface and commission-free trading, Robinhood offers a variety of investment options, including stocks, ETFs, options, and cryptocurrencies.

Automating your finances, particularly through automatic transfers, is a game-changer in the journey towards financial success. By consistently saving and investing without the need for manual intervention, you’re laying the foundation for a secure financial future. Whether it’s building an emergency fund, saving for a specific goal, or investing for retirement, automation empowers you to take control of your finances and make steady progress toward your objectives. So, why wait? Start automating your way to financial success today!