It can be difficult to find the money to put aside for savings, but there is an easy way to save money without ever missing it: make your savings automatic.
Saving automatically—through an allotment or automatic transfer of funds—to a short-term or long-term savings account is the best way to save. Why? Because you don’t have to think about it. Set it and forget it because it’s automatic! So, whether it comes to saving for your emergency fund, paying off a debt or investing in your retirement, set your savings on autopilot today!
How to save automatically
- Set up an allotment from your pay via myPay. Have an amount go to an account that is separate from your regular checking account.
- Use your banking institution’s bill pay system to automatically transfer money from your checking account to a separate savings account.
Why automatic savings works
- Saving automatically makes it easier to save because you don’t have to think about how much to save or take any additional steps.
- It’s tempting to spend money when it’s readily available. If you don’t see the money, you are less likely to miss it.
I don’t have enough money to save
Everyone has the ability to save. At Military Saves, we say “Start Small, Think Big.” You can start with only $10 a week or month, but you have to start somewhere. When you get extra income, add that money to your account as well. Try saving:
- A portion of your tax return
- Deployment or other special pay
- Birthday or holiday money
- Money from items you've sold (garage sales and consignment)
Over time, your deposits will add up. Even small amounts of savings can help you in the future.
ABOUT THE PERSONAL INVESTMENT ENTERPRISE (PIE) PROGRAM
The Personal Investment Enterprise (PIE) program is a local savings program provided through Community Action Programs of Boulder County and Mile High United Way. The program is designed for low-income families to enroll in financial literacy classes and save through a matched saving account at a rate of 4 to 1. The first step in applying to the program is to attend an orientation meeting with Diana Sanchez at Community Action Programs at Boulder County. Diana may be reached at 303-441-3998 or at [email protected]. For more information on the PIE program visit https://www.bouldercounty.org/families/community-action-programs/personal-investment-enterprise/ or https://unitedwaydenver.org/personal-investment-enterprise-pie-program/. To see if you qualify, take this survey: https://www.surveymonkey.com/r/PrelimPIE.
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