Automatic deposits into savings accounts are a great way to ensure that you’re consistently saving money. While it may seem like a small amount, over time those deposits will add up and can help you reach your financial goals sooner than you think.
There are many benefits to having auto-deposits in your savings account.
For one, it can help you sock away money for retirement. It can also help you build up an emergency fund in case something unexpected comes up.
Plus, auto deposits make it easy to save money without having to think about it too much. You can just set up the auto deposit and let it happen automatically every month.
One commonly asked question is “wouldn’t the money be useless if it just sits in savings?” Not if you use high-interest savings accounts or an investment account.
The only downside to auto deposits is that you may run out of money in your chequing account if you’re not careful. So, make sure to take a few minutes to calculate how much money you can save every month before setting up your auto-deposit. That way, you’ll be sure to have enough money to cover your expenses.
Overall, auto deposits into your savings account are a great way to save money without too much effort. So if you’re not doing it already, consider setting up an auto deposit today!