What we'll cover
Why you should set up direct deposit
When you should turn on recurring transfers
How to save on unnecessary costs while you're away
Just because you're on vacation doesn't mean your money should be. With a little planning and automation, here's how you can make your money work hard for you while you're hardly workin'.
Set up direct deposits to savings
On PTO? Make sure your money still hits your savings account. Rather than manually moving some of your paycheck to savings from your checking account, set up your direct deposit to split it automatically, if your employer offers the option.
All you have to do is provide the organization paying your salary or pension with your Ally Bank Savings Account number and routing number. Or you can fill out this form and give it to whomever is issuing the funds.
By directly depositing a portion of your paycheck into your savings account, you don't have to remember to make transfers — and you could start earning interest on your deposits even faster.
Turn on recurring transfers
If you want to send money to your savings on a different schedule than payday, recurring transfers are a great option. Just log in to your Ally Bank account and choose Transfers. Then decide how much you want to deposit to your account, pick the account you want to withdraw from (which can be another Ally Bank account or one from another financial institution) and decide how often you want the transfer to occur.
Recurring transfers are a super easy way to keep money regularly flowing into your savings account without having to lift a finger. And to keep your savings growing, consider keeping your recurring transfers going even after returning from vacay.
Read more: Planning ahead? Set up an Ally Bank account ahead of your next trip.
Automate your bill pay
Whether it's rent, utilities or cable, monthly bills never take a break. Save yourself the stress of making your payments on time by setting up automatic bill pay. That way, whether you're relaxing on a tropical beach or hiking a mountain, you won't get caught wondering if you actually made your car payment.
Automating these kinds of payments is ideal for when you're trying to avoid logging online (or don't have service). It's also a smart way to ensure you don't miss payments and always stay on time with your bills — which is critical for boosting or maintaining a top-notch credit score.
Keep an eye on your accounts to avoid overdrafting and incurring any fees. The good news is, when you bank at Ally Bank, you'll never have to worry about overdraft fees. Just remember that if a check or ACH transaction is returned to a merchant or to your account at another financial institution, they may charge you a few bucks.
With smart savings tools from Ally Bank, you can rack up the savings while you focus on enjoying your time off.
Pause your subscriptions
Plenty of subscription services can help you save money or enhance your life — but they're only valuable when you use them. If you're headed out for an extended vacation (or even a weeklong getaway), suspending a subscription or two can help you hold on to some extra cash.
For example, you definitely don't want your weekly meal kit showing up on your doorstep if you're not there. The money you save can be a great way to pad your vacation wallet. You could also set up a transfer and direct the cash straight to your savings account!
Use savings boosters
Being away doesn't have to stop you from growing your savings. Work smarter, not harder with the right tools for your finances. With smart savings tools from Ally Bank, you can rack up the savings while you focus on enjoying your time off.
With our Surprise Savings booster, we help you find money you didn't even know you could save. All you need to do is link your checking account to a savings account and activate the booster. Then, we'll analyze your checking account to identify safe-to-save funds and automatically transfer them to your savings — even when you're on the go.
Relax and let your money do the work
Money management while traveling doesn't need to be a hassle. By automating aspects of your finances, you can stop worrying about due dates, transfers and manually moving your money around. Whether you go all-in with Surprise Savings or start off strong by setting up a split direct deposit, your savings balance can continue to go up, even after you log off.
