It’s a good idea to be mindful of your balances, however, so you don’t incur overdraft fees if there’s not enough money in your checking account at the time of the automatic transaction. You get to decide how much and how often, but once you have it set up, you’ll be making consistent contributions to your savings. One common way to do this is to set up recurring transfers through your bank or credit union so money is moved automatically from your checking account to your savings account. Saving automatically is one of the easiest ways to make your savings consistent so you start to see it build over time. If you know you have a regular paycheck or money consistently coming in, you can create a habit to put some of that money towards an emergency savings fund. Who is this helpful for: Anyone, but particularly those with consistent income. Find a few ways that you can treat yourself, and if you’ve reached your goal, set your next one. If you’re sticking with your savings habit, don’t miss the opportunity to recognize what you’ve accomplished. Whether it’s an automatic notification of your account balance or writing down a running total of your contributions, finding a way to watch your progress can offer gratification and encouragement to keep going. Find a way to regularly check your savings. Aim to make it a specific amount, and if you can occasionally afford to do more, you’ll watch your savings grow even faster. It may also be that you put a specific amount of cash aside each day, week, or payday period. There are a number of different ways to save, and as you’ll read below, setting up automatic recurring transfers is often one of the easiest. Create a system for making consistent contributions.Use our savings planning tool to calculate how long it’ll take you to reach your goal, based on how much and how often you’re able to put money away. Establishing your emergency fund may be that achievable goal that helps you stay on track, especially when you’re initially getting started. Having a specific goal for your savings can help you stay motivated. If you’re not in a regular practice of saving, there are a few key principles to creating and sticking to a savings habit: It’s one of the fastest ways to see it grow. Strategy: Create a savings habitīuilding a savings of any size is easier when you’re able to consistently put money away. It may be that you could use all of these strategies, but if you have a limited ability to save, managing your cash flow or putting away a portion of your tax refund are the easiest ways to get started. These strategies cover a range of situations, including if you have a limited ability to save or if your pay tends to fluctuate. There are different strategies to get your savings started.
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