There’s a popular phrase in the finance world called Pay yourself first. Before you do anything like pay bills, pay loans or even buy food, your first payment should be auto deposited straight away into your account. This core benefit of pay yourself first is increasing your nest egg every month, which gives people a bigger incentive to continue doing it. Looking at your investment account grow every month is far better than watching your checking account get drained.
It also adds a layer of security in case any one time emergencies pop up and ensures that whatever happens, you have the financial means to take care of it. If your car breaks down, no worries, because you have the cash on hand to get it fixed. This alleviates a lot of the financial stress that people have when it comes to paying bills that need to be paid.
In order to combat that financial stress,you should set up your savings or investment account to automatically deposit funds from your main checking account.
So how do we set up auto-deposit on Robinhood? It’s easy.
Once you’re logged into your account:
1)Open up the Menu by pressing the top left icon
4)Add Automatic Deposit
5)Select how often you would like it to deposit. (I get paid twice a month, so that’s what I do)
6)Input how much you would like to transfer
7) Review and Confirm
The Robinhood App makes it very easy to set up auto-deposit and I believe everybody should do it. Remember, Pay Yourself First!