5 Tips to Deposit Regularly to Your Bank Account, Even If You’re Busy
Everyone will tell you that growing your savings is one of the basics of good financial practices, and a critical habit to master at that. Putting aside a bit of money from your income regularly can help you achieve your financial goals and set up a comfortable future for yourself.
But between work, taking care of your family, and spending time with friends and other loved ones, you may feel like you have no time at all to manage your finances. But don’t let your bank account gather dust; here are five tips to help you deposit regularly into your savings:
Open a Separate Savings Account
“Out of sight, out of mind” is an idiom used to express how easy it is to forget about something if you haven’t seen it in a long time. This same logic applies when opening a separate savings deposit account. If you can’t quickly see the money that you’ve saved up, you’ll be less tempted to spend it. You can then have two bank accounts to utilize—one to use for everyday expenses, and one exclusively to hold your savings. Separating your money this way can ensure your existing savings remain untouched and help you stick within your budget.
Thanks to online banking services, opening a savings deposit account is now incredibly easy. You no longer have to take time out of your day to go to the bank and open an account; with a bank like Maya, you can simply open an account online and start saving in three easy steps: tap “Savings” from your Maya account, then tap “Open Maya Savings,” then immediately start transferring funds from your Maya Wallet to your Maya Savings account.
You can set up and access Maya Savings anytime and anywhere, no matter how packed your schedule is. Then, it’ll be just as easy to make quick deposits and leave the money alone to grow.
Download Your Bank’s Mobile App
Make sure you download your bank’s mobile app after opening your savings account, regardless of whether you do so in person or online. These days you can do almost every bank transaction through your bank’s respective mobile app, and that includes transferring and depositing funds.
Depositing to your bank account is now as simple as tapping a few buttons, allowing you to do so whenever you please. Plus, you’re able to check on how much money you’ve saved up through your phone, letting you see how much you’ve saved. If you want easy motivation to keep track of your progress, you can set aside a day of the week to open your mobile banking app and see how far you’ve come with your saving habit.
Deposit Every Payday
When tracking your monthly expenses, pay attention to how much extra money you have leftover from your regular budget and be prepared to set aside a certain amount of that money every payday to grow your savings. You can commit to depositing either once or twice a month, depending on how often your paycheck comes in; regardless, it’s a consistent habit that you can build without taking too much time.
How much you deposit per payday also depends on your unique circumstances, but a good basis is to keep the 50/30/20 rule in mind. Put aside 50 percent of your income for your needs, 30 percent for your wants, and 20 percent for your savings.
Set Personal Goals for Yourself
Some banks have specific features that allow you to put aside money for specific financial goals. One of these is Maya’s Personal Goals, which you can use to allot your savings to sub-accounts designated for different purposes.
For example, say you’re saving up for both a new car and your child’s tuition. You can create separate Maya Personal Goals for both, then transfer your money from your overall savings account to these goal accounts. Not only does this prevent you from spending your existing savings; it will also help you see a clear overview of how much you’ve saved and how much more you need to reach your desired amount. Then, when you’re ready to make that big purchase, you can withdraw your funds and close your goal to make room for a new one.
Activate a Time Deposit Account
Sometimes, you get so swept up with your busy schedule that depositing savings into your bank account can completely slip your mind. Instead of remembering to do so every few weeks, you can also check your bank app and see if you can manage a time deposit account from there.
Once you’ve activated a time deposit account like that of Maya Time Deposit Plus, you’ll be able to make an initial deposit and even send more money to the account until your term matures. Even after making just your initial deposit, you can expect to start accruing interest without even lifting a finger.
Opening a savings deposit account is one of the first steps you should take to reaching your goals. Thankfully, it’s easier than ever to manage your finances with your phone and e-wallet on top of the account itself—no paperwork and few additional steps required. You may be surprised at how quickly your savings can grow, as long as you make a conscious effort to fit some financial planning into your schedule.
*This is a collaborative post
