In our last edition of Meet the Savers, we spoke to Sarah, who set up multiple accounts to categorise her goals.
Of course it’s great to proactively organise your goals, but sometimes when work is getting crazy or you’re organising a big trip or social event, it’s easy to accidentally break from good habits. Much like eating clean, when it comes to saving, the best of intentions can be derailed by a night out or a tempting salted caramel doughnut. Wouldn’t it be nice if there was a way to make sure your saving is going on in the background without too much input from you?
That’s where you’ll find our next saver’s tip helpful. Jen sets up recurring payments so a portion of her pay goes straight to her savings and she can just focus on what’s in her Orange Everyday – easy as!
Follow in her footsteps and after a little while you might be surprised at how much you’re saving.
Next time you receive your pay, log into online banking.
In the menu on the left of the screen, select “Transfer and Pay”, then select “Transfer Funds.”
Select the account you’d like to make the recurring transfer from, most likely the one where your pay goes into. Then select the savings account that you would like the money to be transferred to.
Choose the amount you’d like to come out of your paycheck each time. You should choose an amount that suits your lifestyle and your savings goals.
When asked “When would you like to make your payment”, select “Recurring” and select the frequency of your paycheck; fortnightly, for example.
Select the start date. It’s good to select the day after your pay comes in just in case there’s some delay with your paycheck. Then select the end date. You can leave it open, or specify when you want the automatic payments to stop.
After the initial set-up, you don’t have to do a thing, the money will automatically be transferred and you can use what’s in your Orange Everyday account. With that, you can feel confident knowing you’re still saving, even though you’re not making a conscious effort. You might be surprised at how much you’re saving after a month or so, and that salted caramel doughnut will taste even sweeter.
For more information on the features of ING savings accounts, read on here. Next time, we’ll introduce you to someone who uses Everyday Round Up to save while they spend.
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