The power of Automated Savings

The Power of Automated Savings: Why You Should Start Now

Housing

February 12, 2024

Saving money is often easier said than done. Between everyday expenses and life’s surprises, setting aside a portion of your income can feel like a challenge. But what if there was a way to make saving effortless and consistent? Enter automated savings—an approach that ensures you put money aside without even thinking about it. Let’s explore why automated savings is so powerful and why you should start right now.

Automated saving is a strategy that allows you to set up a recurring transfer from your checking account to a savings account. This transfer occurs automatically, so you don’t have to remember to do it manually. It’s like putting money on autopilot!

The Benefits of Automated Savings

Consistency: By setting up a recurring transfer, you’re ensuring that you’re saving consistently, regardless of your income or expenses. This helps build a steady savings habit.
Avoid Temptation: When you save manually, it’s easy to be tempted to spend your money on something else. Automated savings automatically transfer your money, so you’re less likely to spend it impulsively.
Compound Interest: The longer your money stays in a savings account, the more interest it will earn. Compound interest can significantly boost your savings over time.
Goal-Oriented: Automated savings can help you stay focused on your financial goals. By setting a specific savings target and automating the process, you’re more likely to achieve your goals.

The best time to start saving is today. The earlier you begin automating your savings, the more time you give your money to grow. Life’s unexpected expenses—like medical bills or car repairs—can happen at any moment. Having an automated savings plan in place means you’re always prepared for these financial surprises.

How to Get Started with Automated Savings on Watu

Go to Express Savings: Whether it’s for an emergency fund or a major purchase, set a specific goal for your automated savings and click create New.
Pick the Right Account: Choose your Savings title, enter amount to start saving and set your saving date then click Autusave.
Set It and Forget It: Once you’ve set up your express savings choose the source of fund, let the system do the rest. You’ll be saving without even noticing it.

Automated savings is a powerful tool for anyone looking to improve their financial health. It eliminates the burden of having to remember to save and helps you build wealth effortlessly. By starting now, you’ll be putting yourself in a stronger financial position in the future. With the benefits of consistency, stress-free saving, and compound interest, automated savings can transform how you manage your money and achieve your goals.

Start today, and let automation take care of your savings while you focus on living your life.