How to Set up Your Automatic Savings Account
November 17th, 2006 |At day 79 I talked about making bigger commitments in the Million Dollar Savings club. This is for those of you who want to move beyond a dollar per day. I’d highly suggest making the leap because it will actually end up being easier for you in the end. With what I’m about to show you, your savings will be completely on autopilot. You won’t need to remember to put a dollar into your savings pile every day. You won’t need to think about anything. It will just happen without any work.
In a previous article I asked you to set up your ING Direct Savings account. I’m going to assume you’ve done this already. If you have not opened your free account, you can do it right here.
When I log into my ING Direct Savings account this is what I see:
Can you see the steady deposits of $50? Right now I have $1714.00 in this account. That’s not too bad for saving $50 per week is it?
Maybe you can’t commit to $50 per week. After-all that’s a lot of money to save and I don’t know your situation. If you don’t feel comfortable with $50/week just do $25. After all that’s only $4 more than we’re doing at a dollar per day ($1 in 3 piles for 7 days is $21/week).
Do you see what happened on November 6th? I withdrew $200 to drop into my checking account. I ran that account down under $100 and I didn’t want to bounce any debit card transactions that didn’t clear (I hate when that happens). I needed to “borrow” this money for about a week. You’ll see that I put it back on the 17th.
Look at the deposit on October 31st. $5.23 was put into my account in interest. That’s almost 2 days worth of savings I got for free. If you’ve been saving along then you’ll know first hand how much money that can really add up to and I’m sure you’ve seen your piles of money build up just like I have.
If you click the tab called “Transfer Money” you can set up your weekly deposits. Here’s how I did it:
Just pick the dollar amount. Choose the automatic savings plan and set it to weekly. That’s all there is too it!
If you thought saving a dollar per day was fun, you’ll love ING Direct. You don’t get to see all that money first hand, but in the blink of an eye you’ll have hundreds of dollars in your account.
Next time we’ll talk about what to use this money for and why you really need to be saving it. Until then, keep on saving!
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