Computer system and computer-implemented method for creating a savings plan for specific purchases

A computer implemented method of automatically electronically transferring funds, the method comprising:

• determining on a computer processor whether the customer has sufficient credit to transfer electronic funds equaling an indicated price of an item;
• providing a computer input device for a customer to select a savings plan, wherein the savings plan is based on a series of automatic electronic fund transfers into an savings account to accumulate funds equal to the indicated price;
• and
• storing instructions on a computer readable memory to initiate transfer of electronic funds when the computer processor determines the savings account has sufficient funds to transfer electronic funds equaling the indicated price.

A computer implemented method for automatically electronically transferring funds, the method comprising:

• providing a computer input device for a customer to select an item with an indicated price;
• determining on a computer processor whether the customer has sufficient credit to transfer electronic funds equal to the indicated price;
• and
• displaying on a customer computer display device at least one additional payment option if the customer has insufficient credit to transfer electronic funds equal to the indicated price, wherein the at least one additional payment option includes initiating a savings plan to transfer electronic funds to a savings account for to accumulate electronic funds equal to the indicated price at a future date.