Step 1
Decide where you’ll direct the money. Put cash that you may want to access at a moment’s notice in a savings or money market deposit account, and money for investments in a brokerage or mutual fund account.
SEE ALSO -- SLIDE SHOW: 10 Low-Risk Ways to Earn More Interest on Your Savings
Step 2
Gather routing and account numbers for each institution, and check out your bank’s fees and policies. For example, some banks charge to transfer money from a checking account to a savings account at another institution. But if the bank with the savings account initiates the transfer, the transaction is free.
Step 3
Log in to your checking account (or savings account) and set up recurring transfers. Arrange for the transfers to occur shortly after payday so the money comes off the top of each paycheck. That will help you budget your spending and avoid overdrafts.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The payoff
Your money grows without a second thought on your part.
-
Retiring Early? This Strategy Cuts Your Income Tax to ZeroWhen retiring early, married couples can use this little-known (and legitimate) strategy to take a six-figure income every year — tax-free.
-
Ditch the Golf Shoes: Your Retirement Needs a Side GigA side gig in retirement can help combat boredom, loneliness and the threat of inflation eroding your savings. And the earlier you start planning, the better.
-
Amazon Resale: Where Amazon Prime Returns Become Your Online BargainsFeature Amazon Resale products may have some imperfections, but that often leads to wildly discounted prices.
-
Roth IRA Contribution Limits for 2025Roth IRAs Roth IRA contribution limits have gone up. Here's what you need to know.
-
Four Tips for Renting Out Your Home on Airbnbreal estate Here's what you should know before listing your home on Airbnb.
-
Five Ways to a Cheap Last-Minute VacationTravel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
-
How Much Life Insurance Do You Need?insurance When assessing how much life insurance you need, take a systematic approach instead of relying on rules of thumb.
-
When Is Amazon Prime Day? Everything We Know So Far, Plus Early DealsAmazon Prime Amazon Prime Day is four days this year - July 8 through 11, 2025. Here are the key details you need to know, plus some of our favorite early deals to shop ahead of and during the sale.
-
How to Shop for Life Insurance in 3 Easy Stepsinsurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
-
Five Ways to Shop for a Low Mortgage RateBecoming a Homeowner Mortgage rates are high this year, but you can still find an affordable loan with these tips.
