Automatic Savings Plan

By Avery Mills | Apr 21, 2017, 9:23:30 AM

Automatic Savings PlanOne of the most important part of any budget is paying yourself first. This means putting aside money for general savings, emergency savings, or retirement savings BEFORE paying any bills or other expenses. A great way to do this is through automatic savings.

Ideally, you should aim to save at least 20% of every paycheck you earn. However, with everything else going on, it can be difficult to remember to save. That's why setting up an automatic savings plan is a great idea.

WHY SET UP AUTOMATIC SAVINGS?

It’s easy

When you set up automatic savings, you don’t even have to think about it. You’ll know that every time you get paid, your money goes where it’s supposed to.

Create positive money practices

The reason why so many people find saving difficult is that they spend the money they should be saving. By automatically depositing that money, it removes the temptation so you’re only spending what you should.

Keep funds separate

It’s not a great idea to keep all of your money in one account, no matter how organized you think you may be. Having separate savings accounts will help you keep track of the funds you have. Every savings goal you have, such as vacation or emergency fund, should have its own account. Once you hit your goal, you can either allocate that money to something else or create a new goal.

If you are interested in setting up automatic transfers, you can do so in home or mobile banking. Under 'transactions' select 'funds transfer.' You can then select an amount to be automatically deposited into whichever account you want your money to go. These transfers can be set to reoccur weekly, every other weekly, monthly, etc. If you have any questions about automatic transfers or any of our savings accounts, you can stop by a branch or call (801) 260-7600.

Topics: advice, financial goals, save money, savings accounts, automatic deposits, budgeting, goals, Saving, saving account, Blog

Author: Avery Mills