Trade The Journey

Trade The Journey

Making it Automatic!

Why make things harder than they should be? Make saving automatic. I take comfort in knowing that regardless of the week’s events, I am saving and investing money.

A lot of banks and investing apps allow you to set up an automatic withdrawal to encourage you to save money. Why not use it?

I often hear the typical reasons which are: I don’t want an app to have access to my bank account, is the app safe, and what if I don’t have the money in my account? These are legitimate concerns and some of the investing apps are not insured by the FDIC. So definitely do your due diligence to make sure the app is safe.

I’ve had automatic withdrawal attached to my account for the last 3 years which has allowed me to save a significant amount of money.

I’ve had cases where they withdrew money and my account went into the negative. I’ve also had other times where I was able to withdraw money to cover the shortfall in my cash flow during the week. If you were to ask me, is it worth it?

I’d say yes, a little bit of money saved per month makes a huge difference. I was able to buy my first Tesla stock through a automatic deposit of $10 a week. I’m now working on buying Amazon Stock through automatic deposit of additional $10. Of course Amazon is over $1,000 per share of stock, so that may take awhile.

Some of the apps even allow you to save money from each purchase by rounding the total amount up to a certain amount and taking the extra amount from each purchase. If you don’t feel comfortable with an app having access to your account, I’m sure your bank provides automatic withdrawal for your savings account.

I’m not saying automatic savings is the answer to your money problems but it can definitely help.

Here are some sites to get you started. I currently use Robinhood and Acorns.

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