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| trixiezzz |
 Posted: Sat Feb 12, 2005 6:12 am Post subject: Automatic withdrawal from your checking account. |
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Investing Manager
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I keep hearing that the best way to systematically invest over time is to set up a regular automatic withdrawal from your checking account so that the same amount is taken out every payday. I'd like to do this in principle. But am worried that once started it'll be a hassle to stop if my expenses go up or something.
Has anyone had experience doing this??  |
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| Blueberry |
| Posted: Sat Feb 19, 2005 2:52 pm Post subject: |
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Investing Associate
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| I have money withdrawn every payday and put into a savings account. It is a pre-authorized debit. I just record it in my check book the same way you would any automatic payment..it is a painless way to save. |
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| paula0000 |
| Posted: Sat Feb 19, 2005 3:15 pm Post subject: automatic withdrawals... |
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Investing Manager
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| That's a great way to make savings painless. It's like you don't notice the money gone. |
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| DznyDreams |
| Posted: Sat Feb 19, 2005 6:22 pm Post subject: |
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Investing Associate
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I already do this with a savings account, and I would consider it for other investments if they were low-risk.
Diane |
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| moneytree |
| Posted: Sat Feb 19, 2005 9:45 pm Post subject: |
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Investing Sr. Associate
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They say "pay yourself first". Just consider it a bill that HAS to be paid and perhaps you can manipulate your other expenses in such a way that you never have to give up your investing money. I'm preaching more to myself here than you.  |
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| trixiezzz |
| Posted: Sun Feb 20, 2005 10:21 am Post subject: |
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Investing Manager
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| I know what you mean! It's hard to get your brain to quit thinking "well I can always go dip into that savings if I need to!" |
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| WeareMom |
| Posted: Mon Feb 21, 2005 2:01 pm Post subject: |
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Investing Associate
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| Most banks make it very easy. I actually have several automatic deductions/transfers done every month. I have one for each child's college account, plus a small amount that goes into the "vacation/fun money" account. And I am giving serious consideration into opening my own version of a Christmas club. And since it is right there in the same bank, if I am in need of "emergency" funds, I can just go right in and transfer it into my checking account. When my kids passbook savings have a significant amount in them, then I transfer a bulk sum into a money market or CD. |
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| chop456 |
| Posted: Mon Feb 21, 2005 6:19 pm Post subject: |
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Investing Sr. Associate
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| I have automatic deductions for my kids college funds and just recently opened up a vacation/fun money account. I have not set up to have $$ automatically put into this account, but plan on transferring a specific amount each month. I like the idea of automatic transfer, then it happens no matter what rather than well, this month I'll just put in $10... |
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| eagertolearn |
| Posted: Tue Feb 22, 2005 9:57 am Post subject: |
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Investing Sr. Associate
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| Can this be done for the ING accounts? |
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| 1MegMeg |
| Posted: Wed Feb 23, 2005 8:49 am Post subject: |
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Investing Associate
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| eagertolearn wrote: | | Can this be done for the ING accounts? |
Yes it can.  |
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| moneytree |
| Posted: Wed Feb 23, 2005 5:33 pm Post subject: |
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Investing Sr. Associate
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| My husband can do this where he works. He's been thinking about it for over a year. Money management is not his strong point so I have to do the research and take my findings to him. I just haven't had the time to really get into the whole investing thing and now I feel at our age it is a MUST. We will have it deducted from his paycheck and so we will not miss what we never see. We'll also have all his raises put straight into investments so therefore we won't miss that money either. |
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| paula0000 |
| Posted: Thu Feb 24, 2005 5:14 pm Post subject: |
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Investing Manager
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| I just remebered- some employers when they automatically deposit paychecks- will actually deposit into more than one account. That makes it easier- you can have $100 say per week deposited into another bank altogether. |
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| eagertolearn |
| Posted: Fri Feb 25, 2005 3:11 pm Post subject: |
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Investing Sr. Associate
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| It's really the best way to set up a systematic savings plan, so I don't see why it wouldn't work just as well for investing. |
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| jeepgirl30 |
| Posted: Sat Feb 26, 2005 8:18 am Post subject: |
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Investing Sr. Associate
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| I have my pay direct deposited into my main checking and also into a savings. Very painless and if I need to change the amounts it is very simple and usually takes effect within one to two pay cycles depending on when I get the word to payroll. |
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| paula0000 |
| Posted: Thu Mar 10, 2005 3:10 am Post subject: |
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Investing Manager
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| Also, if you have part of the $ deposited into an account with no debit card- it makes it harder to get the $ and easier to save! |
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