So, is one of your New Year's Resolutions to save more this year? Many experts recommend having an emergency fund with enough to cover 3-6 months. It's never to young to start saving towards retirement. Or, maybe you want to save up for a vacation or down payment on a house.
Start with a Goal.
much extra do you want to have saved by the end of 2017? Next,
determine how many pay periods you will have in 2017. If you're paid
each week, you'll have 52. If ever other week, 26. You get the idea.
Divide the amount you want to save by your number of pay periods.
an example: Susie wants to save $5000 extra this year towards
retirement. She's paid on the 15th of each month. So, her automatic
transfer should be $417 on the 16th.
Is your amount realistic?
into your online banking and set up an automatic transfer right now!
That way, each pay period a part of your check will go into savings and
you won't even have to think about it. Have a savings account set up
just for your goal.
If the amount isn't realistic, you'll have
to dig a little deeper. Set up the automatic transfer for as much as you
can afford, then come up with a list of ways to earn extra income. For
example, maybe in January you could shovel a few sidewalks. In February,
offer babysitting over Valentine's Day. March, go through your things
and try selling online. In April, sell the remaining stuff at a garage
sale. And so on. Have a plan for the WHOLE YEAR so that you don't just
phase out of it. Everything extra you earn goes into the savings
If you get stuck and can't think of enough ways to earn
extra money, try a month of less expenses. For example, June could be
no eating out, August no new clothes, October no paid entertainment. (put the extra money into your savings account)
Stick with it!
Whatever your savings goal, the most important thing is to stick with it! Automatic Transfers can help you do that.
For help setting up transfers with online banking, watch the second video on this page. Or, just call us: 800-280-1074.