Autodeposits with your paycheck...

I just found something cool. I can easily manage where my paycheck money is deposited. My company uses one of the largest payroll processing providers. As a result, there is a website where I can log-in and manage my deductions and deposit accounts.

I used to have my paycheck come in as a lump amount. Then, I would send off a bunch of recurring transfers from my bank (to fund my savings goal accounts). I do this with the idea that, "out of sight, out of mind". Allocate your savings goals and literally transfer money out of your checking account.

However, it was a pain because sometimes I might be running on low funds in my checking. That means my transfers had to be timed perfectly with the paycheck. Now, I don't worry about it. I can set up multiple deposits from my paycheck to fund things like a Tax savings account, holiday account, emergency funds and vacation savings.

This is easier than firing off and timing a bunch of tranfers. Plus. My savings accounts are free from my bank and act as temporary holding bins as I periodically sweep these funds into a Money Market and then track the money with savings goal accounts.

This works for me and helps me ensure I always am paying myself first and saving for my objectives.