Save Automatically

The easiest and most effective way to save is automatically. This is how millions of employees save through 401(k) and other retirement programs at work. It is also how millions of Americans save at their bank or credit union.

How to Save Automatically

The best automatic saving is when you make a decision to do so, then it just happens:

  • Every pay period, your employer deducts a certain amount from your paycheck and transfers it to a retirement or savings account. Ask your HR representative for more details and to set this up.
  • Every month, 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.

Why Automatic Savings Works

Over time, these automatic deposits add up. $50 a month accumulates to $600 a year and $3,000 after five years, plus interest that has compounded. Soon you will be able to cover many unexpected expenses without putting them on your credit card or taking out a high cost loan.

If you can’t afford to save even $50 a month, there are alternatives. Many banks and credit unions will transfer as little as $25 monthly from checking to savings and, as an added bonus, waive any monthly savings fees.  

I Don’t Have enough Money to Save

But if even $25 is too much, just save your loose change. If every day you just put some or all of the loose change in your pocket or purse into a jar, and don’t spend it, you will find that in a year you will probably accumulate over $100.  

Just saving loose change has persuaded many Americans that they are able to save.  And when they become convinced that they can save, they find other ways to build an emergency fund or save for other goals.

Everyone has the ability to save. At America Saves, we say “Start Small, Think Big.” You can start with only $10 a week or month. Over time, your deposits will add up. Even small amounts of savings can help you in the future.

Save automatically.  As millions of savers have learned, what you don’t see you won’t miss.

Take the Pledge

I pledge to save money, reduce debt, and build wealth over time. I will encourage my family and friends to do the same

Take the America Saves Pledge

Tip of the Day

  • A #taxrefund can provide an opportunity to improve your financial situation: http://bit.ly/2hZ6s8A @AmericaSaves

Share Your Tip or Story

And if we feature you in our newsletter, you get $25.

Share

Saver Stories View all »

Inspired to Build Savings By Starting Small

With little-to-no money in the bank and living on a limited income with her adult daughter, Sharon wasn’t sure if building up savings for her future was even possible. “At my age, to put debts behind me would be a relief,” she said, but she wasn’t quite sure how to even get started with a savings plan. That all changed when Sharon attended the Great Lakes Michigan Saves Pay Yourself First Saver’s Summit during America Saves Week.

Read more...

Starting Over

Until last summer, Michael Lindman spent money freely. “I was a union truck driver for 35 years and had a good income,” said Lindman. “I owned my own home, saved a little, and tried to live within my own budget. You always think there’s going to be that much coming in, but things can change in a split second.”

Read more...

Learning to Save

Kisha Barns’s financial situation was undisciplined, unrestricted, and impulsive before she came into contact with her local America Saves campaign, Charlotte Saves.

Read more...

Receive Updates

Sign up for Texts

Sign Up

Sign up for Emails

Get Emails

Take the Pledge

Start Saving