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I'm Asking: Do You Automatically Transfer Funds to Savings?

I'm Asking: Do You Automatically Transfer Funds to Savings?

Putting part of your paycheck aside for savings each month is one of the oldest cash savings tricks in the book, but it isn't always possible. 83 percent of SavvySugar readers admit to being more mindful of their money given the current economy, and that often means setting higher savings goals and being more methodical about where extra cash is put.

Do you transfer funds to savings every month automatically, or do you balance your checkbook and contribute what you can on a month-by-month basis?

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graduatedsqueaks graduatedsqueaks 7 years
transfer twice a month! It really adds up!
hmcmcd hmcmcd 7 years
yup, a small amount is directly debited from my checking each month for a savings account and then another small amount for an investment account. When i can I try to save more, but for each month I can add another 1k to the savings there seems to be a month that I need to transfer it back out. :( 2 steps forward one step back, I guess.
thelorax thelorax 7 years
I auto-transfer a set amount every month, and then I add more to that as possible.
hippiecowgirl hippiecowgirl 7 years
My whole check is direct deposited into savings. My husband's check goes directly to checking and we pay our living expenses from that.
death-by-chocolat death-by-chocolat 7 years
I guess we do the opposite of the 'usual' (I never realized it was unusual to do until reading the comments!) We put ALL of our money into the savings account, and leave only a set amount of money (around $2k) in the checking account to use for the check card and paying bills. A separate 10% of the income goes automatically goes to 401k.
GlowingMoon GlowingMoon 7 years
Yes, we do.
aylee aylee 7 years
Yes, 20% of my net income is transferred automatically to savings. Before, whatever I have remaining I spend for myself. Now, I save it too.
laughing808 laughing808 7 years
yep, every paycheck 10 percent goes into my main savings and I put about 20-50 in another savings account. I make the transfer before I pay any bills......every now and I again I might have to transfer a few bucks back to the checking.
TxRdRaider TxRdRaider 7 years
Yes, I have an automatic transfer that happens every week and I add more when I can.
aka-Daria aka-Daria 7 years
sometimes, usually 100 of whatever i get goes to savings, recently with the last 2 checks though, i havent...
gemini7827 gemini7827 7 years
Yes. Automatic transfer each month.
Antioxidant Antioxidant 7 years
I have it set up so a small sum goes into savings from each paycheck. I get paid every week, so it adds up.
bchicgrl bchicgrl 7 years
I automatically transfer money into my savings when I get my 1st paycheck everything month.
Megatron Megatron 7 years
Yes, I do it through my bank. I don't like it, though, because the checking is in SoCal and the Savings is in NorCal (two different jurisdictions, according to my bank) and now I don't have access to my savings when it would be useful. Thanks for the idea, riccaroo62! :) I'll check it out.
riccaroo62 riccaroo62 7 years
Yes. I use SmartyPig.com. It's great because it does the work for me every month!
riccaroo62 riccaroo62 7 years
Yes. I use SmartyPig.com. It's great because it does the work for me every month!
Frenched Frenched 7 years
Yeah, I wish I could transfer more, though. But something is better than nothing.
bluebellknoll bluebellknoll 7 years
I only get paid once a month so I always transfer 1/2 of my paycheck into savings. Usually I will end up transfering a little back into checking by the end of the month.
Angela123 Angela123 7 years
not yet! I have one more car payment to make, then starting next month that amount will be directly deposited into my savings account, and the rest into checking :) I am excited, and rather proud of myself
mondaymoos mondaymoos 7 years
I put a set amount into savings every pay check, and whatever's left in my checking account when I get paid again goes in too.
syako syako 7 years
yes. 2/3 of each paycheck is directly deposited into savings.
supercoolnat supercoolnat 7 years
I do both. There's a specific amount that's automatically transferred out into savings and investments with each paycheck. Any extra money left after the bills are paid also goes into savings. The amount varies depending on the expenses for the month.
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