{"id":2753,"date":"2023-07-25T10:18:12","date_gmt":"2023-07-25T10:18:12","guid":{"rendered":"https:\/\/www.alvinodesign.com\/?p=2753"},"modified":"2023-07-25T10:18:14","modified_gmt":"2023-07-25T10:18:14","slug":"how-to-use-activmoney-savings-account-to-reach-your-financial-goals","status":"publish","type":"post","link":"https:\/\/www.alvinodesign.com\/how-to-use-activmoney-savings-account-to-reach-your-financial-goals\/","title":{"rendered":"How to use ActivMoney savings account to reach your financial goals"},"content":{"rendered":"\n
Achieving your major life goals and financial priorities requires saving money in a strategic way. Simply putting money in a low-interest savings account with little planning will not do the trick. You need an automated solution that maximizes your returns while providing the flexibility to withdraw money penalty-free when needed. The ActivMoney savings account is an ideal tool for managing multiple financial goals. Read on to find out more.<\/p>\n\n\n\n
What is ActivMoney?<\/strong><\/p>\n\n\n\n ActivMoney is an auto-sweep feature offered by banks that allows account holders to automatically move funds from their savings accounts into higher interest-earning deposits. With ActivMoney, you can efficiently manage your finances to achieve your financial goals. <\/p>\n\n\n\n Set your key financial priorities<\/strong><\/p>\n\n\n\n The first step is to determine your most important financial priorities and goals. These may include building an emergency fund, saving for education or retirement, paying off debt, or funding a vacation. Identify your top 2-3 goals to focus on to make the best use of the ActivMoney<\/a> feature.<\/p>\n\n\n\n Start with an emergency fund<\/strong><\/p>\n\n\n\n If you don’t have an emergency fund yet with 3-6 months of essential expenses, make this priority number one. Aim to save enough to suffice your essential expenses for 6 months before booking ActivMoney deposits. You want immediate access to emergency funds without penalty if needed.<\/p>\n\n\n\n Automate to build your balance faster<\/strong><\/p>\n\n\n\n The key is to automate as much as possible by setting up automatic monthly transfers from your regular income sources like salary accounts to build up your balance in the savings fund. Even small amounts of \u20b92,000-5,000 per month will add up quickly when compounded at a high interest rate in an ActivMoney account. Increase the amounts when possible.<\/p>\n\n\n\n Book higher deposits to maximize returns<\/strong><\/p>\n\n\n\n Once you have accumulated at least \u20b925,000 in your savings account, you can book ActivMoney deposits automatically in \u20b95,000 increments. The higher your balance, the more that gets swept into ActivMoney, where it will earn higher annual interest. Make additional lump sum deposits when you have extra money to add to book larger ActivMoney amounts.<\/p>\n\n\n\n