Saving automatically is at the heart of America Saves Week's mission.
It’s proven that to save automatically is the easiest and most effective way to save. This is how millions of employees save through 401(k) and other retirement programs at work. It’s also how millions of Americans save at their credit union.
How to Save Automatically:
- Every month, have your credit union transfer a fixed amount (like $25) from your checking account to a savings account. Talk to your credit union to set this up.
- Every pay period, have your employer deduct a certain amount from your paycheck and transfer it to a savings account. Ask your HR representative for more details.
- Set up automatic payments towards your debt by providing your checking account information to your loan provider to ensure that the payments are on time and in full. Enrolling in automatic payments may even qualify you for a small interest rate deduction with some types of loans and providers, such as some student loans.
- If your employer offers a retirement account, sign up and put in at least the minimum contribution, if you can, to receive any matches they may offer. Ask your HR representative for more details.
Not sure how much to save each month? Take the America Saves Pledge. The pledge will help you create a monthly savings plan and will help you stay committed to your plan all year long!