It can sometimes feel like you are not saving as much money as you would like to. It can be easy to lose track of what you are saving if you don’t set an amount to go into savings with every paycheck. Automating your savings can help you stay on track and not worry about transferring money yourself. By automating your savings you can have the peace of mind that you are hitting your savings goals.
It can be hard to set aside money for a savings account—whether you get paid monthly or even bi-weekly. Falling into the habit of only saving what is leftover after monthly expenses can lead to not hitting savings goals. Only putting into savings what you have left can lead to an unpredictable amount being saved. If you currently do this it may be a good time to look into automating your savings.
By automating your savings you are essentially turning your savings deposits into another monthly expense. This can help you plan ahead for your month as well as reduce the urge to spend funds without planning ahead. When you plan ahead to automate your savings you are making sure to pay yourself first when your paycheck comes in.
The benefits of automating your savings include:
- Saving Time: A big benefit of automating your savings is it can free up a lot of your time. You no longer need to worry about having to deposit or transfer money into you savings account. When you have automated savings, you know that you are putting in the same contribution every month without having to worry about remembering to do it yourself.
- Saving More Money Over Time: Transferring money to your savings automatically as soon as your paycheck hits means you are regularly contributing to your savings. Having a consistent amount put in monthly can lead to more money saved compared to manually remembering to transfer money yourself.
- Get Out of Debt Faster: If you are looking to pay off student loans, credit card debt, or any other kind of debt this year you could automate your savings into an account specifically for your debt. By automating your savings towards a debt, you are ensuring you are saving funds towards that debt and will be able to pay it off in a timely manner.
Automating your savings can make managing your money, and reaching savings goals, much easier. You should set savings goals and choose monthly contributions that you are comfortable with making. You can set up an automatic transfer with your Peoples checking account both from a web browser, as well as in our Bank Peoples App. If you have questions about automatic transfers reach out to us at email@example.com or stop in and see your local banker.