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There is also a prize slot for a free meal to a child in need, where we will make a donation to Feeding America’s Hungry Children on behalf of the winner.
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10 Benefits of Automating Your Savings
Saving money can be hard, especially for those of us who have busy lives and constantly struggle to keep up with our finances. Automating your savings is a great way to ensure that you save money without having to put in much effort. Here are ten benefits of automating your savings:
1. Automation makes saving easier – With automation, you don’t have to manually transfer money from one account to another or remember when you’re supposed to make a deposit. You just set up an automated transfer and forget about it – the money will move itself.
2. Increased financial discipline – By automating your savings, you won’t be tempted to use the money for something else because it’s already taken out of your account before you get the chance. This helps ensure that you stay on track with your budget and reach your financial goals more quickly.
3. Builds an emergency fund – When you automate your savings, the money is set aside each month so that it accumulates over time and builds an emergency fund, which can help if life throws you any unexpected expenses or if you ever find yourself out of work or in need of quick cash.
4. Creates good habits – Automation helps create good habits by making sure that a certain amount of money is transferred every month, regardless of how busy life gets or how distracted we become with other things. This helps ensure that we don’t forget about our financial goals and stay disciplined with our finances.
5. Protects against impulse purchases – By automating your savings, it’s harder to make impulse purchases because the money has already been taken out of your account before you even have a chance to consider buying something else.
6. Flexibility – With automation, you can easily choose how much money to save each month and when the transfers should occur so that it fits into your budget and lifestyle with ease.
7. Less stress – Automated transfers mean less stress because there’s no need to remember when payments are due or worry about manually transferring funds from one account to another every month; everything is taken care of for you.
8. Grows wealth faster – When automated transfers are used regularly, it helps grow wealth faster because there’s no temptation to spend the money elsewhere or forget about depositing funds into savings accounts; everything is done automatically for us.
9. Better planning – Knowing exactly when funds will be moved from one account to another allows us better plan our monthly budgets as we can anticipate exactly when these transfers will occur and how much they will be each time they do occur.
10. Tax benefits – Regular automated deposits into certain savings accounts may provide tax benefits such as contributions being tax-deductible or interest being earned tax-free depending on where the funds are being deposited into (e.g., 401(k)).
Automating your savings can be a great way to save more without having to put in much effort while also helping build financial discipline and increase wealth over time.
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