In my last post, where I challenged myself to make $1,000 in two week, I mention that I needed to set up an automate savings plan for my 2014 Christmas present budget.
I spent the 3-5 minutes it takes, over at Capital One 360, and have made my initial deposit of $76.92.
On the 9th day of every month starting in January, 2014 another $76.932 will be deposited into this savings account which I’ve nicknamed “Xmas Presents 2014”. There will be 13 equal deposits between yesterday and December 9th, 2014 for a grand total of $1,000.
Christmas presnt budget for 2104 is now just one less thing to worry about.
Here are the steps required to set up a new savings bucket in your Capital One 360 account.
I will be spending about $1,000 this year on Christmas presents and plan to do that same next year. Since I’m starting today (December 9, 2013) I will have 13 equal installments between now and December 9, 2014. $1,000 divided by 13 equals $76.92/month. Less than $80/month is a lot less daunting than needing to come up with $1,000 in 2 weeks which I’m plan to do, more on that later.
That’s it, it’s literally that simply to set up your own automatic savings plan at Capital One 360.
What else could you set up an automated savings plan and savings bucket for? Do you already automate your savings? If so, how? Please comment below.
Do you know a friend who could benefit from the $25 or $50 bonus plus a great tool to automate their savings goals? If so, please share this with them. Thanks in advance!