Automation makes things easier - so how about using it to save more?
While it’s not always easy, saving money should be one of your prime financial goals, whether it’s for a down payment on a house, a large purchase, or an unexpected emergency.
Automation can make saving a simple part of managing your money.
Think about it in three easy steps: Assessing, assigning, and automating.
ASSESSING.
Take a look at your income, your expenses, and your goals. In the best of all worlds, you’re making more than you owe and you can put that extra money into some type of savings account that can help your money grow. If not, figure out how much you can squeeze out of your budget to put toward savings - every little bit adds up over time!
ASSIGNING.
Figure out how to save to meet those goals. This should include regular savings for:
- Planned things such as a down payment on a home or car, a vacation, or maybe college tuition.
- An emergency fund in case of unexpected things such as a job loss, medical expense, or a major home or auto repair.
AUTOMATING.
Set up regular transfers into your savings account so you don’t have to think about it each time you get a paycheck. It’s a hands-off way to make savings a habit.
Ask your employer about setting up a direct deposit of your paycheck. Most employers let you deposit into more than one account. Once the direct deposit is established, the money will automatically go into your account each time you get paid.
Based on your needs, you can then decide how much goes into checking so you can pay regular expenses like groceries and utilities, and how much to put in your savings accounts.
Another way to automate savings is to set up automatic transfers from a checking to a savings account. Even if it's just a few dollars a month it adds up over time.
It’s a simple way to make your savings automatic. With a little planning, you’re automatically making your financial future more secure.
Contact us at 410-828-4730, 800-234-4730, or memberservices@bcefcu.com to learn more about your savings options and how to set up automatic transfers to your accounts using our powerful online banking features.