The Power of Automating Your Savings

One of the most effective financial habits you can adopt is automating your savings. By setting up automatic transfers to a rainy day fund, you ensure that you're consistently building up reserves without having to think about it each month. This simple habit can provide peace of mind and help you prepare for life’s unexpected expenses.

A great tool for this is a savings account that allows multiple "buckets" for different goals and expenses. For example, Ally Bank offers this feature, allowing you to create buckets for things like annual subscriptions, car repairs, home maintenance, medical bills, or vacations.

A good place to start is allocating 5-10% of your pay toward your savings account. Over time, aim to build up around three months' worth of income or enough to meet the goals for each bucket.

The purpose of automating your savings is simple: when life happens—whether it’s an unexpected medical expense or car repair—you’ll have the funds ready to go. This means you can cover these costs without disrupting your monthly budget or needing to take on debt.

Taking action now to automate your savings ensures you're prepared for whatever life throws your way, while giving you the financial freedom to spend wisely.

If can be of any assistance is supporting your financial journey please let us know! We offer 3 unique client relationships.

All the best,

Your Wela Financial Advisory Team

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_{Brent Forrest & Associates, LLC. dba Wela Financial Advisory (Wela) is a registered investment adviser. The information presented is for educational purposes only. It should not be considered specific investment advice, does not take into consideration your specific situation, and does not intend to make an offer or solicitation for the sale or purchase of any securities or investment strategies. Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. This article and images may have been enhanced by utilizing artificial intelligence (AI). Brent Forrest & Associates, LLC dba Wela Financial Advisory (Wela) is a registered investment adviser. The information presented is for educational purposes only and is not intended to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance. Wela may discuss and display, charts, graphs, formulas which are not intended to be used by themselves to determine which securities to buy or sell, or when to buy or sell them. Such charts and graphs offer limited information and should not be used on their own to make investment decisions}