Make Saving Automatic
It can be difficult to find the money to put aside for savings. But there is an easy way to save money without ever missing it: make your savings automatic. By “paying yourself” at the beginning of the month or the pay period, you take all the guesswork out of saving. By putting the fund in a separate account, you take away some of the temptation to spend it. You can start small and save $20 a pay period or you can try and save more.
How to save automatically
o Set up an allotment from your pay via myPay. Have an amount go to an account that is separate from your regular checking account.
o Use your banking institution’s bill pay system to automatically transfer money from your checking account to a separate savings account.
Why automatic savings works
o Saving automatically makes it easier to save because you don’t have to think about how much to save or take any additional steps.
o It’s tempting to spend money when it’s readily available. If you don’t see the money, you are less likely to miss it.
I don’t have enough money to save
Everyone has the ability to save. At Military Saves, we say “Start Small, Think Big.” You can start with only $10 a week or month. You have to start somewhere. When you get extra income, you can add that money to your account as well:
o Put a portion of your tax return money into savings.
o Put deployment or other special pays into savings.
o Put birthday or holiday money into savings.
o Hold a garage sale and put that money into savings
Over time, your deposits will add up. Even small amounts of savings can help you in the future.
Do you save automatically? Let us know on our Facebook page.