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News & Security Alerts

Financial Literacy Month – Week 2 Tip: Make Your Savings Automatic

Apr 18, 2018, 09:40 AM by Eric Higginbotham


Saving Money…Let’s face it we all want to, but the reality is for many of us it’s not our strong suit. Have you fell into the habit of saving what is ‘left over’ after paying living expenses and covering discretionary purchases? Likely there isn’t a consistent amount left over. Is there an easier way to save more money?

YES! Put your savings on autopilot. 

Here are three reasons why it’s time to automate and PAY YOURSELF FIRST.

  1. Save Time 
    By having a portion of your Direct Deposit automatically deposited into a savings account or setting up an automatic transfer to your savings you will free up time. No more second guessing your savings decisions, no more having to remember to make the transaction and no more worrying if you can meet your savings goals. Automation gives you peace of mind and removes a few items from the to-do list. 
  2. Build The Habit of Spending Less Than You Make
     If you schedule your automatic transfers to occur at the same time you receive your paycheck, the money for savings never really mixes with your spending funds. You are paying yourself first and living on what’s left. Once you get used to it, you might not even miss the money. Especially when you see that savings grow!
  3. Save More Over Time
    It’s not what we do once in a while that shapes our lives. It’s what we do consistently.” (Tony Robbins) It doesn’t matter if it is $10 a month or $500 a month – simply setting this up automatically will ensure you save money every single time you are paid. Your savings steadily builds with consistent contributions that aren’t fluctuating from month to month.

Be Flexible!
Even though you’re going into this with a ‘set it up and forget it’ mentality, a positive change in your financial situation, such as a raise at work means it may be a good time to modify the amount you send to your savings account each month.

Every Bit Counts!

Weekly  3 Months  6 Months  12 Months  3 Years  5 Years 
$5  $60   $120 $240  $720  $1,200 
 $10 $120  $240  $480  $1,440  $2,400 
 $15 $180  $360  $720  $2,160  $3,600 
 $20 $240  $480  $960  $2,880  $4,800 
 $25 $300  $600  $1,200  $3,600  $6,000 
 $30 $360  $720  $1,440  $4,320  $7,200 
 $35 $420  $840  $1,680  $5,040  $8,400 
 $40 $480  $960  $1,920  $5,760  $9,600 
 $45 $540  $1,080  $2,160  $6,480  $10,800 
 $50 $600  $1,200  $2,400  $7,200  $12,000 

601 Williams Blvd. Richland, WA 99354
Phone: 509-943-5676