Congratulations! You have completed all the difficult steps required! What we’re going to follow in this post are the easy parts. Let us now use all the information from the previous posts in this one.
We’re going to follow an unconventional way here. We’ll set up systems that save money automatically for you, every month! And you, just by being a little cautious, see your bank account grow literally automatically!
We’ll now use the bank details that we had collected in the previous post about beginning to save money.
- Using their website login to your bank account where you usually receive your monthly income. All websites are designed differently, so go ahead and talk to support right away if you face any difficulty
- Look for “Add beneficiaries” or “Add Payees” on your bank’s website (or ask the support team for help)
- Link your second bank account (your savings account) as a beneficiary
- Now login to your saving account’s website, and add your salary account as a beneficiary there.
Awesome! You did it.
Now both bank accounts are linked to each other and you can send money to and from both of your bank accounts.
For the beneficiaries to get activated, you might need to wait for a
Now, Let’s Automate!
Once the beneficiaries are activated in both the accounts, it’s time to get into some action!
What to do?
Since all bank websites are different, you’ll need some help here from the bank’s on-call support team until you understand their website. What we need to accomplish, is transfer your fixed expenses from the previous post at the beginning of every month.
This should be scheduled to transfer every month on the day your income is credited.
On the day your payments are credited, your savings account should automatically have the entire fixed expense amount, and the rest should stay back in your original income account.
What’s the use of this?
You will not touch your salary account for any of your fixed expenses. For example, if you have a phone bill to pay, you pay from your second bank account. ALWAYS. And because we’ve already accounted for the bills and all your expenses, and also added a buffer, you should always be left with extra money!
If you are a little conscious about your spending, you will always end up with more money in your bank account than the previous month. And this is all without thinking!
This Was Easy! What Next?
Now, you sit back and relax! Your bank accounts do their work, you do yours. And you start seeing growth in your bank balance each and every month!
It’s so easy, my 16 year old brother did it with ease!