The college loans payment moratorium was nice while it lasted (payments resume in October 2023). Take a little sting out of the monthly payment sooner by getting into the habit of saving for your loan payment each week.
This routine will automatically fund your Student Loan Payment savings plan. Pair this with the monthly College Loan Payment Routine.
Deposit Account
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The average student loan in the United States is ~$400 a month. The moratorium began in March 2020 during the peak of the pandemic. Since then, many graduates have become accustomed to having an extra $100 a week in their pocket – time to start skipping the extra guac to get ready for those payments.
Even better, why not start getting ahead of the monthly payment by saving a little each week? This Routine can help you absorb the shock of what may feel like a new monthly expense.
How to activate the Student Loan Savings Routine
How to set up this Routine:
Quick tip: Try pairing this Routine with the Student Loan Payment Routine to close the loop by moving funds back into your main account to increase your available balance in time for the next payment (we suggest moving it a couple days in advance to make sure the funds are available when the payment hits your account).
CORE ROUTINE
Paycheck Split Routine
Automatically transfer a fixed amount or percent to a savings plan after each deposit.
The best financial habits are the ones you can keep — so we built a way to make sticking to your goals easier than ever. Whether you’re focused on saving for the future or making smarter spending choices today, Routines are here to help.
We’ve created a library of Routines that will get you started in customizing your automated savings journey. Explore more below.
Automatically build your emergency fund with recurring transfers to your rainy day fund.
Build your down payment over time, automatically, with recurring transfers from external account to a savings Plan.
