Want to save yourself $100 in 10 minutes? Sounds great, right? With this technique, literally 10 minutes of effort could save you $1200 over the year.
With online banking, automating your cash is easy and effective. Almost every major online banking site in Canada offers you automatic cash transfers that you can set and forget. You can also check out ING Direct!
How to Do it
• Decide how much you want to save per month (let’s say $100).
• Identify when you get paid (let’s say 1st and 15th of the month)
• Log into your online banking
• Set up the cash transfer to your savings account ($50 on the 2nd and $50 on the 16th). Most sites give you this option on the “Money Transfer” page
• Let your cash slowly start saving
*Why it Works
Well, that was easy. All you needed to do was decide the savings level you could afford and make a quick note on your online banking. This is a massive mental step towards saving cash.
That little bit of effort ensures that you will save some money each month. Even if you set the amounts for $10 or $20, it could be more than you are doing right now. And while it was easy to set up, it’s a tough thing to remember to turn off. Those savings you put through today (seriously – stop reading and go do it now!) should stay on your account for a long time.
And doing this once prevents you from forgetting or deciding you don’t want to save the cash this month. Doing it manually is hard, boring and not nearly as fun as withdrawing the cash. Take that decision out of your hands and make your money work for you automatically.
Seriously – this is an easy thing to do that a lot of people don’t take advantage of. Get on it now and thank me in a year.