This America Saves Week, Learn 6 Ways To Make Saving Simple
Welcome to America Saves Week, an annual call to action initiative that asks you to commit to saving your money consistently. The non-profit organization encourages everyone in the U.S. to get a clear view of their finances, set savings goals, and create a plan to achieve them.
Regularly saving money is important in order to afford the things you want to do and have. It’s also incredibly helpful to fall back on when unexpected expenses occur. The simplest way to save money on a regular basis is to set up automatic savings, which ensures it will happen.
Automatic Payroll Transfers
The simplest way to save automatically is to set up regular payroll deductions, including pre-tax deductions such as for a 401(k), and/or transfers to your savings account. The good news is—out of sight, out of mind—so you won’t be tempted to funnel the money elsewhere.
Automatic Financial Institution Transfers
If you don’t have a job that offers direct deposit, you can set up automatic transfers through your credit union or bank’s online banking or mobile banking. Check for this feature with them and set up recurring bi-weekly or even monthly transfers of a set dollar amount or a percentage from your checking account to a savings account.
Choose the Best Savings Account for You
Assess whether you have the best possible account for your savings and consider switching to a high-yield savings account to get the most out of savings. Learn how to choose the right account for your savings goals at http://blog.kitsapcu.org/2024/03/13/money-market-vs-certificate-how-to-choose/.
Stash Your Cash
Another great way to add to your savings is to promise yourself you’ll stash a set amount of cash away either weekly or monthly. If you simply put $25 in a safe or lockbox each week, you’ll have $1,300 at the end of a year.
Save Your Tax Refund And/Or Bonus
If you regularly get a year-end bonus and/or tax refund, be sure to either save a significant portion of it, or better yet, all of it. Doing so can help fund your dream home, honeymoon, or emergency savings fund.
Collect Loose Change
Though loose change can sometimes feel more like a nuisance than anything else, saving it in a jar can surprisingly payoff in the long run. Make a deposit with it at your credit union or bank every few month, and you can easily save hundreds of dollars by year-end.
Interested in more financial wellness advice? Visit our free resource center here: https://kitsapcu.everfi-next.net/welcome/kitsap-achieve.
