Automatic Savings Plan

Posted in Finance, Accounting and Economics Terms, Total Reads: 284
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Definition: Automatic Savings Plan

Automatic Savings Plan is a system in which scheduled transfer from one bank account to another saving or investment account happens.


In automatic savings plan, automatic funds transfer takes place at a predetermined time regularly. So if you need a way to boost your savings and stay consistent with your goals, setting up an automatic funds transfer can help.


Example:

If you are planning for retirement, then you will need to save money from the early years. So under automatic savings plan, one saving account will be created and every month some amount of money from the salary account will be transferred automatically to savings account. This automatic transfer will save your time and will keep you out of stress.

 

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Browse definitions and meaning of more concepts and terms similar to Automatic Savings Plan. The Management Dictionary covers definitions and overview of over 7000 business concepts from 6 categories.

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