4 Reasons I Haven't Automated My Savings

The bank accounts of today come with all kinds of great features that make managing your money easier. Depending on the bank you choose, these can include budgeting tools, credit score monitoring, and more. But one of the most useful is surely the ability to set up automatic transfers from your checking account to a savings account.

A lot of Americans struggle to save money; last year, a survey found that 56% of Americans would be unable to cover a $1,000 emergency with money from their savings account. And yet, having savings is crucial for both unexpected expenses as well as to meet goals like buying a home. I recognize the usefulness of automatic savings transfers, but I haven't set them up for myself -- and at this point, I don't intend to. Here are four reasons why.

1. My pay can be unpredictable

I'm a full-time freelancer, which means my pay amount is never the same two weeks in a row and isn't always sent to me on a predictable schedule. As a result, it would be difficult to predict when I'd be assured of having enough money in my checking account to send to savings without risking overdrafting my account or even just leaving me short of money to cover my bills. So when I do get paid, I manually move the money around.

2. The amounts I'm saving also aren't consistent

In addition to being paid different amounts at different times, my savings habits are also a bit erratic. I have two big "must-save" categories these days, and several other smaller concerns I save for.

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The first big savings target is the money I pay in quarterly income taxes to both the federal government and my state (part of being a freelancer). That only leaves my account four times per year, and it's nice to earn interest on it while I have it. I'm also saving a sizable amount of money every month so I can become a homeowner next year. My taxes come to a set percentage of every dollar I get paid, and while I have a monthly target for my house fund, sometimes I like to throw extra money in when I can. Homeownership will be expensive, and the sooner I get used to watching this much money leave my checking account, the better.

At any given time, I also have parts of my savings dedicated to vet bills for my cats, a new larger purchase for me (most recently, a new washing machine), travel, and other irregular special expenses. Ultimately, it's just easier for me to funnel money where it needs to go, rather than letting my bank account do it for me.

3. Money leaving my checking automatically makes me nervous

I have a long history of living paycheck to paycheck; it's been about a year since I broke out of that by getting myself out of debt and increasing my income. Thankfully I was always pretty good about staying on top of my bank accounts and ensuring I wasn't about to overdraft my account.

Despite that being much less of a risk these days, I still avoid autopaying my bills and prefer to make manual payments whenever possible (much to the apparent chagrin of my internet service provider's website, which gives me a pop-up window every month to ask if I want to set up autopay). For the same reason, I'd rather send money to savings myself.

4. I'm really motivated to save

Having the ability to save more than just $10 or $20 here and there is still a novelty to me. As weird as it might sound, I really enjoy logging into online banking or my bank's mobile app and deciding how much money to send to the high-yield savings account I keep at another bank. Plus, some of what I save money for is really gratifying to me. Spending my life moving so often has made me yearn to own a home, and I know that saving money is the best way to get there.

Despite my own history with money (or lack thereof, which is a more accurate statement), I know that setting up automatic savings transfers is a great way to ensure you're actually saving money. It's all too easy to say, "I'll save whatever's left at the end of the month," only to have that amount be $0. If money goes from your checking to your savings account without your intervention, your future self will surely thank you for thinking ahead. So consider relying on automatic transfers if your income and savings goals are more predictable than mine -- and if the process of moving that money yourself isn't something you actively enjoy.