Auto-Transfer! [#MoneySavingMondays]Monday, November 14, 2016
Today's tip goes hand in hand with an earlier #MoneySavingMonday post. Remember when I said saving 10 percent of your income is a great way to save slowly? Well, if you set up automatic money transfers? You can save 10 percent AND do it without lifting a finger.
I transfer a set amount of money into an untouchable Tax Free Savings account on a biweekly basis, which coincides with my payday. This means that whether I want to or not, I'm saving money, and the money is not accessible to me unless I go into my account and request it to be moved to my chequings or savings account. I have chosen to deposit my money into a TFSA, however feel free to deposit your money into whatever account you'd like!
This tip may be difficult for those who are not on a fixed income, however don't worry! Your automatic transfers don't have to be in large sums. Something as small as 5 or 10 dollars a paycheck is a start until your income increases or becomes more predictable.
Hope you enjoyed this little tip! Cheers to saving without thinking!