Do you accept the automatic savings challenge?
Did you know the easiest and most effective way to save is automatically? It's how millions save through 401(k)s and other retirement programs at work. It is also how millions more save at their bank or credit union. That's why this September we are challenging you to make your savings or debt payments automatic.
The automatic savings challenge is part of our series of #ImSavingFor challenges. This summer, we challenged American Savers to save an extra $50 in June and bring lunch from home for a week in July. And we loved seeing you share on social media how you met the savings challenge and your incredible goals. From planning your honeymoon cruise to saving for a family member’s college education, you inspire us every day!
If you don’t yet have a monthly savings goal, this is the perfect opportunity for you to make a plan. Those with a savings plan are twice as likely to save successfully, so it’s an important first step in reaching your goals.
The America Saves pledge is designed to help you save money and reduce debt by thinking through your goals, and how much you want to save. Whether you are saving for your first home, a new car, or a graduate degree, our pledge can help you get there. And you’ll officially be part of the brown bag lunch savings challenge!
If you're in, here are some options for saving automatically:
- Every month, have your bank or credit union transfer a fixed amount (like $25) from your checking account to a savings or investment account. Talk to your local bank or credit union to set this up.
- Every pay period, have your employer deduct a certain amount from your paycheck and transfer it to a savings account. Ask your HR representative for more details.
- Set up automatic payments towards your debt by providing your checking account information to your loan provider to ensure that the payments are on time and in full. Enrolling in automatic payments may even qualify you for a small interest rate deduction with some types of loans, such as student loans, and providers.
- If your employer offers a retirement account, sign up and put in at least the minimum contribution to receive any matches they may offer. Ask your HR representative for more details.
- Written by Madeline Daniels
- Category: Blog
- Published: 09 September 2016