Automate Your Savings
Saving money is no easy task, particularly in this economy. It takes discipline and dedication, but can be made a bit easier by using digital tools to help automate saving.
Pay yourself first. Make this a non-negotiable by setting up a direct deposit or automatic transfer to a separate savings account. Taking the extra step of transferring the money manually can be enough to derail progress. Set yourself up for success by automating this and you likely won’t even miss the extra cash!
Put your retirement savings on autopilot. If you aren’t diverting a portion of your paycheck into a 401K or retirement plan, you’re doing your future self a disservice! If your employer offers a company match, don’t miss out on the opportunity to grow your savings even more. Set up an automatic transfer for, at minimum, the employer matched amount to your retirement fund.
Use bill pay to your advantage. Paying the bills is the favorite task of…no one. Using online bill pay, you can set up recurring payments for things like mortgage, rent and insurance. When it comes time to pay the bills, you’ll save time and hassle.
Don’t forget to check in on your spending and savings on a regular basis, whether it’s weekly, monthly or quarterly. Pennian Bank’s digital banking offers financial tools that allow you to see a snapshot of where your money is going, help you build a budget and more. Plus if you don’t have a savings account, it’s easy to open one online!
