Saving money may not feel like your strong suit. It’s easy to get off track and save less than you intended when you’re not consistently saving a portion of every paycheck. But that doesn’t mean you can’t get ahead of the savings game. One of the easiest and most effective strategies is to automate your finances. This allows you to save toward your long-term goals or build up an emergency fund without having to think about it on a daily basis.
4 Ways to Automate
1. Set up an automatic transfer once a month.
Every month, transfer a fixed amount (like $25, $50 or $100) from your checking account to a savings or investment account. You can do this on your own in the Fortera Online Banking Portal or text us at 931.431.6800 and we can help you set up an automation.
2. Direct deposit from your paycheck to savings.
If money is deposited into your savings account and never hits your checking account, you will never even know it’s gone. Every pay period, have your employer deduct a certain amount from your paycheck and deposit it in a savings account. Talk to your HR department or whoever handles your payroll to see if you can set this up.
3. Max out any retirement benefits your company offers.
If your employer offers a retirement account, sign up and put in at least the minimum contribution to receive any matches they may offer. Ask your HR department for more info.
4. Open a ChangeUp Account.
By far one of our easiest ways to save is the ChangeUp Account. ChangeUp Accounts allow you to connect your debit card to your new savings account. Every purchase made with your debit card gets rounded up to the nearest dollar and the rounded change is then deposited into your ChangeUp Account. These accounts have a minimum amount of $0.01 (that’s right, a single penny) and earn a high 2.00% Annual Percentage Yield (APY) on all savings up to $2,000. Great for members who want their savings on autopilot.