Automate Saving Plans With My Own Payday Babylon NY

Sticking with a savings plan is much easier when your savings deposits are made automatically. In myOwnPayday, you can set up an automatic savings plan using a "biller" to whom you make monthly payments as a normal part of paying your bills. Automating your savings deposits is done using the program's "linked biller" feature.

After setting up a special account to hold your savings deposits, you then set up a new biller to whom you "pay" your monthly savings deposits. After linking this new biller to your savings special account, all payments made to the biller will be automatically deposited into the linked special account. It sounds complicated, but it isn't. Here's how to set up your automatic savings plan in myOwnPayday.

Set up a new special account to hold your savings.

1. Open the Add Special Account window. Click on the Setup menu and then the Special Account command.

   

2. Enter a suitable Account Name and then the Purpose/Goal of the account.
3. Set up a savings target or leave the account open-ended. If you are saving for a specific purpose, enter the Target Amount, select the Target Date option for Duration, and then enter the Target Date by which you want to accumulate the target amount. If, on the other hand, there is no specific purpose for the account other than accumulating savings, select a Duration of Open Ended....

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Author: George Gilbert