Save Automatically

If you’re already saving for retirement through automatic payroll deductions, you know what an easy and convenient way it is to save for your future.

But, do you know that you can save that way for other goals as well? For example, if you’re paid every other week, you could establish an automatic transfer of a set amount of money from checking to savings to coincide with this deposit. Just make sure you’re aware of when the money will be deducted each month, or you may find yourself overdrawn. This method can help you accumulate money for different expenses, such as:

• Building an emergency fund


• Funding future college educations


• Saving for the holidays


• Setting aside money for a large purchase


• Planning a vacation

Set up your automatic savings plan and then leave the money alone to potentially grow. The idea is to learn to live without these funds so you’ll meet your savings goal.