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Saving Automatically

Saving Automatically

Regularly contributing to a savings account is the best way to work toward your future goals...….and the best way to make regular contributions is through saving automatically. 

Saving through automatic deposits or transfers is the most effective way to save and helps make it easy by allowing you to choose what and when you’ll save.  

How To Start Saving Automatically  

First, you’ll want to have a clear view of your finances, so you know what you are capable of stashing away. Start with our list of 6 Steps to Establishing a Spending and Saving Plan. These steps will walk you through gathering your financial documents like pay stubs, utility bills, mortgage statements, etc., and will help you calculate your income and expenses as well as setting goals and making a plan to achieve them.  

Don’t worry or get discouraged if it’s not as much as you would like at first. At America Saves, we say Start Small, Think BIG! Even small amounts add up over time.  

Once you determine the amount you’d like to start saving, there are two ways to start saving automatically:   

Visit your employer’s HR or payroll department and request a split deposit. Most companies will allow for more than one account to be set up for payroll direct deposit. Redirect your set savings amount into a designated account separate from the rest of your paycheck. Complete the necessary paperwork and let your employer do the rest.

Set an auto transfer from your checking to savings at your bank or credit union. Choose the amount to transfer and a day of the week or the month (maybe the day after payday or at a time when there aren’t other debits hitting the account) for the transfer to be made and watch your balance grow! Most financial institutions’ online banking systems will allow you to set up a transfer with just a few clicks. If not, pay a visit to your local branch and ask for assistance.  

No matter how you choose to save automatically, the most important thing is building the habit of saving – there is no amount too small to save!