America Saves Week Day One: How to Save Automatically
- Split to Save. Instruct your employer to direct a certain amount from your paycheck each pay period and transfer it to a retirement or savings account (or both). Traditionally, you can set this up using your employer’s direct deposit, ask your HR representative for more details and set this up today. We call this method “Split to Save.”
- Auto-Transfer. Every payday, your bank or credit union transfers a fixed amount from your checking account to a savings or investment account. Talk to your local bank or credit union to set this up.
- Scheduled Transfer. Choose a day of the month or a regular interval, such as every 2 weeks, to transfer a set amount from your checking account to a savings account. We particularly recommend this method for people with pay that varies, such as freelancers and those working in the gig-economy. Consider picking a lower dollar amount or a time of the month when many other automatic payments aren’t happening. You’ll set this up with your bank or credit union.
- Save your loose change. Every day, put all of the loose change from your pocket or purse into a jar, and don’t spend it. If that jar starts to look tempting, take it to a local, federally insured bank or credit union to cash and deposit into a savings account with low to no fees. However, if you’ve got a big jar: there’s no harm in watching your automatic savings pile up- literally!
Who We Are
As an active part of the community for 93 years, Neighborhood Credit Union is a not-for-profit financial organization serving the state of Texas with branch locations in Collin, Dallas, Denton, Ellis, and Tarrant counties. With assets topping $1 billion, Neighborhood Credit Union has a continuously growing membership of over 60,000. For more information, call (214) 748-9393 or visit our homepage.