Saving: Set it and forget it.
We all know we need to save, but sometimes it’s hard, especially if you’re just starting out or trying to get back on your feet. It’s easy to talk yourself out of saving, especially when money is tight. But whether you want to save money for a new home purchase, want an emergency fund, or any number of reasons, you won’t reach your goals unless you actively set money aside.
If saving money is a struggle for you, here are a few steps to help you get going.
1: Open a Checking and Savings Account.
To get started, open a checking and savings account, as this is generally considered one of the safest places to keep your money.
2: Enroll in Direct Deposit
Next, sign up for direct deposit. This allows you to automatically deposit your paycheck without having to visit a branch each payday or worry about losing the check before you can do mobile deposit. Most financial institutions, including Arkansas Federal Credit Union, give you 24/7 online account access through online and mobile banking for free. Plus, with Arkansas Federal you can get your funds deposited up to two days early with Early Pay .1
3: Set and Forget it
Once you have direct deposit established, you can set up regular transfers—monthly, bi-weekly, every 1st and 15th, or any other combo.—into your savings account to save money before you’re tempted to spend it. And with Digital Banking , it’s easy to adjust your transfers any time you want. But if you’re going to stay the course, you could see big rewards over time. For instance, by saving just $20 a week, you’d have $1,040 at the end of the year!
4. Reduce Your Expenses & Save Even More
Look for ways to cut your monthly expenses. You could try some simple solutions, such as reducing your monthly grocery spending by $20 or replacing a $15 lunch out with a homemade meal, buying in bulk, or stocking up on sales for everyday necessities. But you may also significantly reduce some of your larger expenses by lowing your interest rate through refinancing or taking out a personal loan.
5. Track Your Progress
Once everything is up and running, be sure to check in on your progress regularly to see how you’re progressing toward your goals. Then, if you need to, you can increase or decrease your automated savings.
There you have it. With a bit of planning, you can automatically make your financial future more secure.
If you need help setting up direct deposit or automatic transfers, let us know. We’re here to help!