Paying Yourself First To Save More

Authorized Transactions

Authorized transactions help you pay yourself first. The concept is simple, and it works one of two ways for most consumers. The first way you can set up an authorized transaction to pay yourself is to speak to your bank. There is a form you can fill out to authorize the bank to remove a certain amount of money regularly to deposit into a savings account. If your bank won't do this or you'd rather do it through your employer, you can also speak with your employer's human resources department to ask about an authorized transaction of this nature. Your employer can automatically deduct the amount you want to save before you even see it in your paycheck and deposit it into a savings account rather than your checking account. It's a simple and effective way to pay yourself first automatically.

Continue reading to learn about how many savings account one person needs.