An Easier Way to Save
May 27, 2019 | Return to Financial Education
Do you want an easier way to start saving your money? Maybe you should consider setting up an automated savings program.
While it’s not always easy to do, saving money should be one of your prime financial goals, whether it’s for a down payment on a house, a large purchase, or an emergency.
Automation can make saving a simple part of managing your money.
1. Evaluate - look at your income, expenses, and goals. In the best of all worlds, you’re making more than you owe and you can put that extra money into a savings account that can help your money grow.
2. Allocate - figure out how to save your money to meet those goals. This should include regular savings for:
Planned items such as a down payment on a home or car, a nice vacation or maybe college tuition.
An emergency fund to help in case of unexpected things such as a job loss, medical expense or a major home or auto repair.
3. Automate- set up regular transfers of money into your accounts, so you don’t have to think about it each time you get a paycheck. It’s a hands-off way to make savings a regular and easy habit.
Ask your employer about setting up a direct deposit of your paycheck. You can select how much goes to your checking and savings account; so each time you get paid the money will automatically go into your account. If direct deposit isn’t an option for you, you can set up an automatic transfer on your CNB Online Banking.
Based on evaluating your needs, you can then decide how much goes into checking so you can pay regular expenses for things like groceries and utilities, and how much to put in your savings accounts.Visit us today to learn more about your savings options and how you can set up automatic transfers to your accounts using our online banking features.