Author: Dianna Reinhart
It doesn’t take a lifestyle overhaul to become a saver. We live in an age of convenience, where everything is automated. Automation can also apply to your banking. From debit card round-ups to automated transfers, there is a full suite of banking services at your disposal, designed to amplify your savings potential with minimal effort on your part. That way, you save both money and time.
Make it automatic and forget it! As it turns out, forgetting that you are saving money is a great deterrent to spending it. Setting up an automated transfer to your savings account from your checking account removes the temptation of making unnecessary purchases. You can use the transfer feature in First Bank’s Digital Banking or stop by the bank to authorize a transfer.
As the old saying goes: “Pay yourself first.” Putting money aside just like you are paying a bill each month is the best practice for growing your savings. When you put your dollars into savings first, you are guaranteeing yourself that there will always be emergency funds set aside relieving financial stress. Instead of relying solely on your checking account to keep you afloat, you will always have a dedicated amount available in savings for unforeseen circumstances.
You can also save every time you spend! Every penny matters and we aim to help make them count. You can also take advantage of First Bank’s Swipe to Save program, which automatically rounds up your debit card transaction to the nearest dollar and transfers the difference to your savings account.
One of the best things we can do to reach our savings goals is to take the work out of it. The time you spend setting up transfers and features that allow you to save seamlessly will pay off as you transition to a hands-off approach to saving, all while watching your savings balance grow.
After you get your automatic savings set up, then you can set some saving goals. I suggest you set your short-term, mid-term and long-term financial goals. Here are a few examples in each category:
• Short-term Goals: an emergency cash fund, summer vacation
• Mid-term Goals: a college fund, wedding fund
• Long-term Goals: retirement, pay off your mortgage loan
These are just a few simple ways to save money which you can start practicing today. We also have a range of savings products for short- or long-term goals. Once you’re in the habit of saving, you’ll forget there was ever a time when you didn’t save.
If you have questions or would like to start saving automatically, give me a call or visit one of our banking centers to get started.