Saving money isn't always easy. With today's technology, shopping is literally at our fingertips, which makes impulse buying hard to resist. But there are a few ways to help make your savings strategies a little easier. It might be time to put your savings on autopilot!
Here are a few clever and convenient ways to help automate your savings:
Think of your savings deposits as a monthly expense.
“Pay yourself first" is a tried and true bit of budgeting advice. Basically, this means you should think of your savings as the first bill you pay each month. Instead of waiting until the end of the month to save whatever you have left of your paycheck, deposit a set amount to your savings or investment account before you do anything else. When you pay yourself first, you build your spending around how much you save, not the other way around. Make paying yourself a habit every payday and watch your savings grow!
Schedule recurring transfers to your savings account.
Recurring transfers make it easier to reach your savings goals each month. With Mobile and Online Banking, you can set up an automatic, recurring transfer from your checking account into a savings or investment account on a schedule that works best for you. If you're new to this approach, start small and then increase the amount you deposit into your savings over time. Remember, consistency is key. Thanks to automatic transfers, you can build up your savings with minimal effort.
Take advantage of round-up savings programs.
If you struggle to reach your savings goals each month, you might want to try using a round-up program. With a tool such as Wright-Patt Credit Union's EasySaver® debit card round-up program, your debit card purchases are rounded up to the nearest dollar amount, and then the difference is deposited into a separate account. For example, if you spend $6.50 on lunch, the purchase would be rounded up to $7 and the extra 50 cents will go into your EasySaver account. You might be surprised to see how quickly your spare change can add up to real savings!
Bottom line.
There's no doubt that saving money takes discipline. But at the end of the day, it's worth the effort. Having extra money set aside gives you the financial flexibility and freedom to reach your goals and live the life you want to live. Plus, if you have cash set aside for emergencies, you can rest assured knowing that you'll be covered if something unexpected should happen.
Want more tips and advice on smart money management? Check out Wright-Patt Credit Union's online resources, including brochures, videos and interactive learning modules to help you make the most of your hard-earned money.