Automate Your Savings
Published: March 2, 2021
Revised: December 20, 2021
You may feel like saving money is a challenge. It’s easy to get off track with a purchase here and there, which can add up and result in saving less than you intended. But that doesn’t mean you can’t get ahead of the savings game.
Try automating your finances! This allows you to save toward long-term goals or build up an emergency fund without having to think about saving on a daily basis.
3 Ways to Automate
Start by deciding how much you can save each month. Every little bit helps!
- Set up an automatic transfer once a month.
Create an automatic transfer for a fixed amount (like $25, $50 or $100) from your checking account to a savings or investment account each month so you won’t forget to save!
- Direct deposit from your paycheck to savings.
Each pay period, have your employer deposit a certain amount into your savings account before the rest goes into your checking. That way, you won’t even know what you’re missing!
- Max out retirement benefits with your employer.
If your employer offers a retirement account, sign up and put in at least the minimum contribution to receive the full employer match. This is a great way to save for long-term goals like retirement.
Save Money on Debt—Automatically
Paying off debt? You can automate that, too!
- Never pay a late fee again.
Set up automatic payments toward your debt so you never have to worry about missing your monthly due date.
- Pay off your debt as fast as possible.
Maximize your budget for paying off debt faster and use automatic payments to help you stick to your schedule. Try rounding up your payment to the nearest hundred if you can—a little change will go a long way. The faster you pay off debt, the more you save on interest and fees.
- Save money by paying off debt.
If you look at your budget and find that you’re spending all your extra money on debt, like loan and credit card payments, you might want to make a debt payoff plan. Once you get your debt payments down, all that extra money can go into savings for short- or long-term goals!
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APR = Annual Percentage Rate