Does saving money feel too much like a chore?
Automatic saving makes putting money away much simpler
Saving money can be difficult, but it doesn’t have to be. Below are a couple of different methods for saving automatically, to help ensure you have the money you need when you need it most.
Setting up an automatic savings plan
There are a couple of different ways to get an automatic savings plan started, and FTSB can help you choose the plan that is right for you. Consider the following options:
- Set up an automatic transfer through FTSB: Set up a checking and savings account and instruct FTSB to transfer a set amount of money from checking to savings each month. You can also do this through Online Banking.
- Set up a direct deposit from your paycheck to a savings account: Most companies require the use of direct deposits for paychecks. Did you know you can direct that money to several different accounts? Direct a set amount from each paycheck to go toward savings.
Saving automatically can help you ensure that you are covered when unexpected expenditures arise. These can include:
- Emergencies: Saving automatically helps ease the financial burden when the unexpected occurs.
- Vacations: Setting money aside automatically can take the bite out of the cost of a much-needed summer vacation.
- That next big expense: Planning to buy a new car or house in the near future? Putting money away automatically will help ensure that you have a down payment available to offset the major cost of taking on that extra debt.