Transferring money with phone apps

Phone apps have made the act of saving small amounts regularly much simpler and helped me to make transfers manually. I believe making a regular manual transfer provides a better mental health boost than an automated transfer such as a standing order or Direct Debit.

It is now the work of seconds to transfer a pound or two between accounts. One of the advantages of saving small amounts is that, if it goes wrong for whatever reason, the amount is so small that it going wrong is nothing to worry about. I think this can help if you are wary of banking apps.

So allow yourself a few minutes to set things up and then (once that’s done) I believe regular small transfers can be an excellent way to save. For example: I can clear a £200 overdraft (which feels to me like a lot to do in one go) in just over 3 months by transferring £2 a day.

Leave a comment

Your email address will not be published. Required fields are marked *