Set up recurring transfers

Hello All,

This week is the tenth issue of our Finances for Feminists Financial Bingo Series!

Studies have shown that self-control is fragile and shouldn't be relied upon. Good to know it's not just me! Many of us have too many distractions and decisions in our everyday lives to depend on willpower as a pillar for reaching our goals. These distractions impact all aspects of our lives, especially our finances. 

How can I combat this issue?

It's too risky to wait until the end of the month and see what you have "left over" to set aside for key financial goals. Instead, I recommend proactively setting up a recurring transfer(s) to automate your savings goals. Create an automatic transfer to move money into a specific account for your savings purposes. 

If you have a bank account and direct deposit, you can arrange to automatically deposit some of your paycheck into a savings account every time you are paid. Check with your employer to set up these automations. 

What should I take into account?

Consider the timeframe for your goal, the total amount you have in mind, and where the savings should be stored. Depending on when you need to access the funds will inform how you will want to set them aside in savings.

What should I save for? 

If you've been following along with our bingo game you have already identified some short-term financial goals you could use for this task. If not, consider a goal you'd like to save for. Perhaps you want to build up your emergency fund?

You can use recurring transfers for all sorts of financial tasks such as paying bills and building your savings. Regularly monitor your accounts and bills to ensure there is enough money in your account and also check for any fraudulent activity. 

Let me know how it goes! Have you used automated transfers to build up a savings goal? If so, how did it go? You can shoot me an email at hello@financesforfeminsts.com. Well done on another bingo square completed!