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Automating Your Savings Plan

Staying with a savings plan’s much simpler whenever your savings deposits are scheduled making together with all of your bills. You are able to setup a computerized savings plan in myOwnPayday by developing a Biller with whom you are making monthly obligations like a component of having to pay your debts.

Automating your savings deposits is performed while using program’s linked Biller feature. After establishing a Special Account to secure your savings, after this you generate a new Biller with whom you “pay” your monthly savings deposits. After linking this latest Biller for your savings Special Account, all payments designed to the Biller is going to be instantly deposited in to the linked Special Account.

It may sound complicated, but, it is not. Here’s the 2 step process for establishing your automatic savings plan in myOwnPayday.

First, you generate a new Special Account to secure your savings.

Open the Add Special Account window by hitting the Setup menu and so the Special Account food selection.

Within the Add Special Account window, enter a suitable Account Name. Optionally, within the Purpose / Goal textbox, enter exactly why the account has been produced.

Either generate a savings target or leave the account open ended.

If you’re saving for any specific purpose, enter a Target Amount, choose the Target Date choice for Duration, after which go into the Target Date through which you need to accumulate the prospective Amount.

If, however, there’s no specific purpose for that account apart from accumulating savings, pick a Time period of Open Ended.

Next, generate a new, linked Biller with whom you’ll “pay” your savings deposits.

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