What does “Automatic Savings” mean?
One of the smartest things you can do to get the most out of your savings and investments is also one of the easiest:
Automatically putting aside money on a regular basis.
It seems simple, but the numbers speak for themselves. Think about it – when was the last time you set a budget for a shopping trip and found yourself a few dollars over?
When we have money, we spend it. Simple as that.
That’s why it’s so key to set aside some money on regular intervals.
As for automatic savings? Every time we choose to save some money, it costs a tiny bit of brainpower. And remembering to do it time and time again? That’s asking for trouble. Think about how hard it is to stick to a diet – or go to the gym every morning.
Studies show that humans just don’t have the energy to consistently make smart long-term decisions.
Scott Burns – Director of Behavioral Economics at Twine – lays it out:
“Automating your savings rate is the most extensively demonstrated way to be successful in building larger savings balances over time.
The intuition is simple – we show a lot of inertia in our behavior. Savings automation is like getting a puck sliding on ice toward your goal. Making repeated active savings decisions is more like trying to pick up and move the puck on a gravel road every month.
You can keep saving without monthly effort or depend on making a tough conscious decision again and again and again.”
Luckily, with innovations in finance and technology, it’s easier than ever to set up a savings system that automatically steers your money toward your highest priorities.
That’s a big part of what makes Twine so helpful – it takes only minutes to set up automatic deposits and pay yourself first.
How to Set Up Automatic Savings in Twine
Setting up automatic deposits only takes a few seconds – then you can sit back and watch your savings grow!
Here’s how to get started.
When setting up your Twine goal, you’ll be prompted to enter your target amount.
Even if you don’t know exactly how much you need to save, you can make your best guess and change your goal target at any time.
Target Amounts can be changed at any time.
Now, the main event:
You’ll be asked how much you’d like to put towards your goal each month. Enter the amount directly or hit the (+) and (-) buttons to adjust from the default number.
You’ll notice an estimated completion date at the bottom of the screen. This will change based on how much you can afford to save each month. Click the (i) button to learn more about how we calculate your target date.
Feel free to play around!
Remember, the bigger the goal, the less of a difference that small changes to your monthly savings will make. Don’t be discouraged! Every dollar counts… and there’s plenty you can do to speed up your progress after you’ve started.
That’s the most important thing – getting started.
Once your goal is opened, you can change or stop your monthly savings whenever you’d like.
You’re steering this savings ship.
Increasing your monthly contributions is one of the best ways to achieve your goals!
I’m using Twine to save with a partner. What about them?
What’s a more powerful strategy for growing your money than turning on automatic savings for yourself?
Adding a second source of automatic savings!
See that ‘Add Partner’ button? Clicking it will factor in your partner’s contributions to the goal.
Having two people contributing to the same goal can help you make even more progress.
Not only will you see more growth in your account, the process of setting up and saving towards the same goal is a fun experience to share. Even if you aren’t saving the same amount, it’s powerful to cheer each other on!
The same math applies when calculating your shared target data.
If you’re just playing around, you can remove your partner’s monthly savings from the equation by clicking “Remove partner’s contribution.”
Toggle or adjust your partner’s contribution.
Once you hit ‘Next’, you’ll continue with goal setup.
You’ll have the chance to review your goal target amount, monthly savings, and other details before we’ll open your account and schedule your automatic savings.
Remember to review your goal to ensure everything is on point.
When will my money be transferred to my Twine account?
Your automatic deposits will begin about one business day after you create your Twine goal. After that, they’ll happen every week, on that day.
How will I know when my transfer is successfully completed?
You can always check in on all goal transactions in the activity feed within your Goal Details screen.
Check the Activity feed for your transaction history.
How to Edit Automatic Savings in Twine
Let’s set the scene:
You’ve been saving for weeks in Twine and you’re starting to see big progress.
Your automatic savings is adding up in your Twine goal – and because it’s happening in the background, saving for your goal just seems normal now. In fact, saving the amount you selected when setting your goal up feels a little too normal…
This is your big goal – and you want to get there faster!
You’re ready to step up the amount of money you want to put towards your Twine goal.
Twine makes it easy to adjust your recurring monthly deposits.
Pull up your Goal Details page and scroll to the Recurring Monthly Deposits section. To the right, there will be a button labeled ‘Edit’.
Tapping ‘Edit’ will bring up a screen that will allow you to adjust the amount that you are saving automatically.
Same drill as before – changing your savings will impact the target goal date. Feel free to play around!
Now that you have a real goal balance, we’ll also factor that into the equation.
Leveling up your monthly savings.
Once you hit next, we’ll recap the specifics of the adjustments to your savings plan. All you have to do is confirm the changes!
If you’re saving with a partner, make sure to let them know that you’re stepping up your savings. Perhaps the two of you can do a celebratory dance.
If you’re saving solo – we recommend also dancing. Do your thing!
Automating your savings is essential to achieving your goals and building financial strength.
Finding room for automatic savings in your budget might not be easy, but Twine can help make less painful.
Plus, you get to watch that sweet progress bar fill up. Let’s get started!
More questions about how automatic savings work? Learn more in the FAQ: