A Simple Strategy to Save For Any Goal

There are a variety of reasons to begin or continue saving money. You may be thinking of a vacation, a new car, an addition to your house, your retirement or just the peace of mind that comes with having savings to handle unexpected expenses.

Set Your Savings Goal

You don’t need to save hundreds or thousands of dollars each paycheck to make a difference in your finances. You can start small and build your savings over time. You can also gradually increase the amount you save each month as you adjust to your new budget. The choice is up to you. Here are a couple of charts showing how much you can save monthly to reach your goals.

Saving for short-term goals – vacation, larger car down payment, or just accumulating more.

Saving for longer-term goals – college for a child, retirement, or just accumulating more.

Automate Your Savings

Automating your savings means setting up a system where funds are automatically transferred to your savings account. This hands-off method can be done in several ways. For example, you might set up scheduled transfers from your checking to your savings account, or your employer may offer an option to allocate a part of each paycheck directly into savings. Additionally, there are tools that round up your transactions to the nearest dollar, depositing the difference into a savings or investment account. Automatic savings plans are an easy way to save. Below are two easy ways to help you get started with automatic saving.

Automatic Transfer Authorization

• Automation can be a helpful way to increase your savings because you don’t have to remember to set money aside. Have your financial institution transfer an amount from your bank account into a separate savings account at a frequency that works for you. Check out our saving accounts today!

Payroll Deduction Direct Deposit

• Have your employer deduct an amount, of your choice, from each paycheck and deposit it into your savings account or a CD. Both of these options keep your money safe and growing.

Save Unexpected Money There may be times throughout the year when you receive unexpected money. For example, it could be a third paycheck one month, a tax refund, a performance bonus at work or a birthday gift. If you ever find yourself with unexpected money, save it. Since this does not impact your monthly budget, it may be an easier way to save.

Choose the Right High-Interest Savings Account

To maximize your savings, choose one of our high-interest and competitive savings accounts while enjoying flexible access to your funds. Our Certificates of Deposit may offer you higher yields on your money, depending on the length of the term.