The idea of trying to build your savings can be overwhelming. Sometimes even figuring out where the “extra” money will come from can feel daunting. Believe it or not, saving small amounts over time can help. Whether you’re saving for a beach vacation, retirement or even just a pair of new kicks, I have 3 easy and painless savings tricks to get you started saving today.
- 1. Set up an automatic transfer from your checking account to savings account to take place every time you get paid. Even if you just do $20 a paycheck, that’s an extra $520 a year if you’re getting paid every two weeks. By choosing to do a small amount chances are you won’t even notice it. Also, by setting up the automatic transfer it takes away the burden of having to remember to deposit money into your savings every time you get paid.
- 2. Do you frequent a coffee shop or go out to lunch every day? If so, limit yourself to one time per week. Then put your extra funds towards your savings! If you spend $3.50 per day on coffee and eliminate 4 days a week that’s an annual savings of $728. Then, utilize Online Banking or Mobile Deposit to easily move that money into your savings account.
- 3. RoundUp! What’s that you ask?? RoundUp is a fantastic product that Union Bank offers which allows you to take the “change” from your Visa® debit card purchase and automatically transfer it to your savings account. For example, you used your debit card to purchase your coffee this morning for $3.50. In your checking account you will be debited $4.00 and the remaining 50 cents will be deposited into your savings. Not only can it make balancing your checkbook easier but you will quickly start to see your savings account grow. Think how many times you use your VISA debit card in one day?
Hopefully you can use some of the easy and painless savings tips above to get you saving more money and remember, putting away even small amounts will help build your savings over time… so get started today.