“Make your financial decisions on your terms . . . Live a purpose-driven life filled with massive contribution.” ~Michael G. Isom
While financial health is an important factor to overall wellbeing, it can be time-consuming and easy to overlook while we are focusing on weight loss and important relationships.
The great thing about the technology of today’s world is that sticking to a savings plan can be almost effortless.
It takes some time initially to set up, but auto-transfers save me hours of budgeting time over the course of a year.
A Well-Done Budget Involves Multiple Accounts
What Would the Rockefellers Do? is an excellent read surrounding financial security, and the book explains in detail the best way to set up your accounts (and why!).
Ultimately, you should have at least four accounts set up:
- Savings (15% of income)
- Vacations/Splurges (3% of income)
- Spending (Remainder)
When I worked in the food and beverage industry, I probably annoyed the tellers at my local credit union. I would walk in with my cash tips, my little paycheck, and my calculations of how much went to which account.
When I moved on to an employer with direct deposit, things changed a little. My pay became more predictable, but I needed to remember to make my transfers on each pay date, since I didn’t have a paper check to remind me.
The Auto-Transfers Can be Set Up from Home
Every financial institution is different, so I can’t provide a one-size-fits-all step-by-step tutorial. But, with online access you can set up your automatic transfers from home. If your credit union’s website is difficult to navigate, someone should be able to assist over the phone.
I spent some time putting together a spending plan which accounted for all our bills & expenses. So, setting up my transfers only took a few minutes.
No More Wondering Where Your Money Went
Now, sticking to the plan is easier than ever. I know that every Friday, our money is transferred to the appropriate savings & checking accounts in pre-calculated amounts. This happens as soon as the funds are deposited.
We automatically save up for emergencies, for camping trips, for club & membership dues, and for Christmas gifts.
And, we always know how much we have available to us for groceries, fuel, or a night out.
Most importantly, Hubs and I eliminate the chances of accidentally spending money the other had set aside for something.
Financial Wellness is Important, Too!
Even while focusing on important goals around physical & emotional wellbeing, it is important not to overlook financial wellness. It is beneficial in the long run to spend just a couple of hours setting yourself up for success with auto-transfers supportive of a solid savings & spending plan.