I have found that working towards a savings goal is important yet it takes dedication and time. The easiest way to make saving a habit is to put money into savings on a regular basis. One of the most simple, consistent and effective ways to save on a regular basis is to set up automatic savings.
Make Saving Simple
You can choose how much (a set amount) and how often money would be transferred into a savings account at a certain time each month. Automatic savings plans allow you to schedule a monthly deduction amount from one account to your savings account without thinking about it.
Considerations
- Are you aware of your monthly income and expenses? Monitor your account online to keep track of your money coming in and your money going out in expenses.Track when a good time to transfer money would be.
- Start small with automatic savings. Often when you automatically transfer money, you won’t notice the adjustment in your account. Start with a small amount and over time, adjust that amount. This is a way to achieve your savings goals.
- Consider the timing of an automatic savings transaction. You want to make sure there is money in your account to be transferred. Would it be better to transfer money at the beginning of the month, after a deposit is made or later on in the month?
Financial Institution
Do you have a relationship with a financial institution? A savings account at a financial institution provides the opportunity to put money away so it can grow over time with interest. One of the safest places to keep your money is in an account at a bank or credit union.
America Saves Week
“Savings is a habit, not a destination.” When starting your savings journey the most important place to focus is simply doing it. Start by setting up automatic deposits to your savings account no matter how small. #ASW2023 @AmericaSaves #ASW2023
