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.

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

Saving automatically—through an allotment or automatic transfer of funds—to a short-term or long-term savings account is the best way to save. Why? Because you don’t have to think about it. Set it and forget it because it’s automatic! So, whether it comes to saving for your emergency fund, paying off a debt or investing in your retirement, set your savings on autopilot today! 

How to save automatically

  • Set up an allotment from your pay via myPay. Have an amount go to an account that is separate from your regular checking account.
  • 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

  • Saving automatically makes it easier to save because you don’t have to think about how much to save or take any additional steps.
  • 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, but you have to start somewhere. When you get extra income, add that money to your account as well. Try saving:

  • A portion of your tax return
  • Deployment or other special pay
  • Birthday or holiday money
  • Money from items you've sold (garage sales and consignment)

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.

Take the Military Saves Pledge

Want inspiration and motivation on your savings journey? Take the Military Saves Pledge today and create a simple personal savings plan that works!

General - Maintain Emergency Fund

You can have an emergency fund! Here are 5 simple ways to start & maintain an emergency fund http://ow.ly/rIhlG 

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