It’s America Saves Week! Each year, this week is dedicated to pause and do a financial check-in, and this year is no different. As a partner organization, SDS Smart Daily Services LLC is sharing this important information over the course of this week. Chances are that you are someone you love has experienced a loss of income since the onset of Covid-19 in America— so what better time to take this week to get a clear view of your finances, set your financial goals, and make a plan to achieve them?
We kick off Day One of America Saves Week by focusing on the easiest and most effective way to save— to SAVE AUTOMATICALLY. How do you save automatically?
The two best ways to save automatically are:
Splitting Your Direct Deposit: Have your employer direct a certain amount from your paycheck each pay period and transfer it to a retirement or savings account (or both). Traditionally, you can set this up using your employer’s direct deposit program. Contact your HR representative for more details, and set this up today. No amount is too small!
Setting Up An Automatic Bank Transfer: At a chosen time, your bank or credit union will transfer a fixed amount from your checking account to a savings or investment account. Talk to your local bank or credit union to set this up.
Having a “set it and forget it” approach to saving increases your success rate.
Remember, savings is a HABIT, not a destination. When starting your savings journey, getting into the habit of saving is so important. Start small and THINK BIG. Even if your savings goal is $10 a week until you accumulate your first $500 in your emergency fund, you’ll be better prepared for those pesky unexpected emergencies and can simply pay it with your cash savings!
Watch how the couple below is saving automatically for their family's need.