4 great reasons to set up automatic transfers

Some projects are more motivating than others. When your goals are well defined, all you need is an action plan to achieve them.

Updated April 14, 2021

What are your goals? Maybe you want to go back to school, buy an RV, put in a pool or take that dream family vacation. Make your dreams a reality by setting realistic savings goals and sticking with them. Automatic transfers are a great way to help you achieve the things that matter most to you. Read on to learn more.

1. Free up your time.

Saving is simple when it’s automatic. We could all use one less thing to think about, so take the guesswork out of saving and set up automatic transfers in just a few quick steps - This link will open in a new window.. No matter how much you want to save, it’s always easier when the money is taken directly out of your personal chequing account and—even better—on payday. That’s called paying yourself first!

When you automatically transfer money to a savings account, you’re “protecting” it and saving yourself the temptation of spending it on small purchases here and there, which can really add up over time and slow down your progress.

2. Make it a habit.

Routine and the snowball effect are a winning combo: your new resolution will be second nature in no time! A lot of people struggle with routine, but when it comes to your finances, it’s your best friend. Consistency is key for getting your new savings habit to stick. Saving regularly will get you closer to your goal, transfer by transfer. And once you’ve met your first goal, you’ll only want to do one thing: set a new one and start again!

3. Go further faster by increasing how much you transfer.

Once you’ve got the habit down pat, why not challenge yourself and aim a little higher? You’ll reach your goal faster if you increase the transfer amount a little.

If you save the amount you need faster than expected, then you get to choose: stick to your original plan, or build on it and add to the list. To give you an idea of how much your savings might be worth, try our simulator - This link will open in a new window..

4. Make your dreams come true.

This part is the icing on the cake! You’ve watched your savings grow thanks to regular transfers. You did it: you’ve reached the finish line, and you can bring your idea to life. It’s time to reap the rewards of your savings resolution!

Setting up automatic transfers to help you save is a great strategy to reach your goals. Once in place, it’s easy to keep up the habit and it pays off quickly. Just one more reason to dream big!

*Financial planner and mutual funds representative for Desjardins Financial Services Firm Inc.

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