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America Saves Week: Savings Tip

America Saves Week is February 28 through March 4 and brings awareness to the importance of building personal wealth and saving.

Have a Goal? Start Saving Automatically!

The easiest and most effective way to save is automatically. This is how millions of employees save through 401(k) and other retirement programs at work. It is also how millions of Americans save at their credit union or bank.

How to Save Automatically

The best automatic saving is when you make a decision to do so and set it up - then it just happens! Some tips:

  • Every pay period, your employer deducts a certain amount from your paycheck and transfers it to a retirement or savings account. Ask your HR representative for more details and to set this up.
  • Every month, your bank or credit union transfers a fixed amount from your checking account to a savings or investment account. Talk us to set this up.
Why Automatic Savings Works

Over time, these automatic deposits add up. $50 a month accumulates to $600 a year and $3,000 after five years, plus interest that has compounded. Soon you will be able to cover many unexpected expenses without putting them on your credit card or taking out a high cost loan.

If you can’t afford to save even $50 a month, there are alternatives. Service One can set up an automatic transfer to send as little as $25 a month from checking to savings.

I Don’t Have enough Money to Save

But if even $25 is too much, just save your loose change. If every day you just put some or all of the loose change in your pocket or purse into a jar, and don’t spend it, you will find that in a year you will probably accumulate over $100. Remember, Service One has a free change converter at our Bypass Branch for member use. Take advantage of this free service!

Just saving loose change has persuaded many Americans that they are able to save. And when they become convinced that they can save, they find other ways to build an emergency fund or save for other goals.

Everyone has the ability to save. The America Saves Organizations says “Start Small, Think Big.” You can start with only $10 a week or month. Over time, your deposits will add up. Even small amounts of savings can help you in the future.

Save automatically. As millions of savers have learned, what you don’t see you won’t miss.

Article converted from information on AmericaSaves.org