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Warning: That automatic savings transfer almost broke me
Had that 15% savings transfer set to hit my checking account every payday for two years. Forgot about a quarterly insurance payment due on the 1st, got hit with a $38 overdraft fee. How many people get burned by auto-transfers before they realize you gotta time them right?
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joel_mason2211d ago
The overdraft fee is basically a tiny price to pay for the discipline of saving automatically. Without that auto-transfer, most people would just blow that 15% on takeout or random junk, ending up with zero savings and probably still bouncing a check anyway. Low balance alerts are fine in theory, but they only work if you actually stop and check your phone, which most people don't do during a busy work day. A $38 fee over two years of consistent saving is honestly a win considering the alternative is just having nothing set aside at all. Isn't the real problem that the insurance bill just wasn't planned for, not the auto-save itself?
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