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Pro Tip: Automate Your Savings

  • July 11, 2019
  • By Erin Palmer, Content Marketing Specialist

    Erin Palmer

    Content Marketing Specialist

    Erin Palmer is a content marketing specialist for Suncoast Credit Union. She has written articles for numerous publications and websites, including the Chicago Tribune and Huffington Post. Erin is happiest when curled up with a book, trying a new restaurant or playing with her dogs.

    We’d love to hear your thoughts about the blog! Email us and share what you think.

  • Category: BUDGET & SAVE
  • Saving, Budgeting, Goals

Every exciting stage of life requires specific savings goal. It could be going to college, getting married or buying a home.

But even when there are wonderful things to save for, sometimes everyday life distracts from savings goals. That’s why automation is the simple savings tip you should try.

Automation Prevents Excuses

It’s so easy to make an excuse not to save money. We’ve all done it!

Sometimes we’re too busy. We tell ourselves that we have plenty of time or we’ll do it next month. And sometimes we do get around to putting some money into savings.

But every month that you skip is interest that you’re losing. Automation lets you skip the internal debate and simply save money.

Automation Helps You Reach Savings Goals Sooner

The sooner you start saving and the more frequently you contribute, the easier it will be to reach your savings goals in a timely manner.

Once you set up automated savings, you will know that a specific amount of money will be deposited during a particular time period. This lets you create a timeline for savings so you can plan for how long it will take to reach your goal.

If you want to deposit additional funds, you can. But even if you don’t, you’ll save money each month. So your savings goals will have a clear timeline.

And if your goal is to pay off debt, automation can help you get out of debt faster. You’ll have the chance to meet your goals and save more over time!

Automation Makes Life Easier

One of the best things about automation is how much easier it makes your life. You don’t have to make a new savings plan each month. You don’t have to go make a deposit at your local branch or use your mobile app to transfer money into your savings.

Once you’re set up, you don’t have to do a thing but watch your savings grow! It’s the perfect way to pay yourself first so you can save money with ease. And when you bank at a fee-free institution that offers high dividend rates, you can really see the impact.

There are plenty of ways to automate your savings. You can have a portion of your paycheck go to your savings account when you set up direct deposit with your employer. Payroll deduction is another option that your financial institution could help you with.

You could also do recurring automatic transfers to move money from one of your accounts into another, like from your checking to savings. It’s that easy!

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Suncoast Members, We Can Help You Automate Your Savings!

From payroll deduction to automatic transfers, we’ll help you save automatically.

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