The benefits of online and mobile money transfers
When you’re working to improve your financial wellness, an important thing to keep in mind is flow — that is, the flow of money through your accounts.
It’s similar to the way energy flows through your body. When your energy is flowing freely, it supports and nurtures you as you go about your daily life. But if your energy becomes blocked or stagnant, it can disrupt your routine and problems can start to arise.
The same is true for your money. Letting your money sit (in a traditional savings account, for example) means you’re missing out on opportunities to keep it growing. And when the flow of money becomes blocked for any reason, it can have a harmful impact on your overall financial well-being.
Keeping your money flowing smoothly, and getting it to where it needs to go, is essential for your financial wellness. At OCCU, we’re committed to making that flow as seamless as possible. That’s why we’ve made some updates to MyOCCU Online & Mobile to enhance your online and in-app transfer experience. We’re dedicated to making money management more accessible for everyone.
How money transfers support financial wellness
We each have our own money rhythm, which functions a lot like our breath. Money flows in from our paychecks or other sources, and it flows out toward all the monthly expenses we need to pay.
We also have a financial circulatory system. Like the blood that carries oxygen throughout our bodies, the flow of money through our network of checking, savings, and other financial accounts provides necessary support for our goals. It helps ensure all areas of our life are getting the attention they need.
Online and mobile money transfers allow you to effortlessly move your money into the account where it’s needed most at any given moment. For example, if you’ve got some extra dollars sitting in your checking account, you’d be better off transferring them into a high-yield savings account where they can earn more interest.
As your savings continue to grow, you can improve your financial wellness even more by shifting some of those dollars into a certificate of deposit (CD) or other high yield account. Or if you have a specific goal in mind, like boosting your retirement portfolio or saving up for a home, you can move your funds into another deposit account that’s personalized to help you meet that goal.
Money transfers also work the other way. If you’ve got an extra expense coming up, you can move some of your money from savings back into checking so it’s ready to spend when you need it.
Ideally, you want your finances to run like a well-oiled machine, with your funds divided between accounts in a way that maximizes your money’s growth while supporting your needs and goals. Money transfers play an important role in helping you get there.
How to get the most out of your money transfers
When used effectively, money transfers create more freedom in your day-to-day life. Not only do they minimize the time you spend managing your money, but they can also help remove the obstacles that block your money flow. Here are a few tips on how to use money transfers to your advantage:
· Automate any transfers that happen regularly, like your monthly savings, so you don’t have to remember to do them manually each time. · Instead of keeping all of your savings in one account, identify your short-term and longer-term savings goals and transfer funds into specific accounts dedicated to each goal.
· Once you’ve built up an emergency fund, consider transferring your additional savings into a higher-interest account such as a CD to help it grow.
Member tip: For a quick tutorial on how to make transfers with MyOCCU Online & Mobile, check out our digital learning center guide.
Let’s get your money into a flow that supports the life you want to live. Ready to get started? Find out more about the benefits of digital banking to help get you there and enroll in MyOCCU Online & Mobile today.