Automatic savings simply means you have a process in place to save at regular intervals, whether that’s monthly, weekly, or daily.
Traditionally, you can set up a savings plan using your employer’s direct deposit. Your HR representative (or whoever) can give you more details to set this up. We call this method “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).
Auto-transfers are set up with your bank or credit union directly. Every payday, your bank or credit union transfers a fixed amount from your checking account to a savings or investment account.
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. Consider picking a lower dollar amount or a time of the month when many other automatic payments aren’t happening. You can 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!
You’re still in the stage of your savings journey where you’re reducing debt (which is saving!). Remember, even while you’re actively reducing debt, everyone has the ability to start to save, even if it's a small amount... start small. You can start with only a small amount, and you can save daily, weekly, or monthly. Over time, your deposits will add up. Even small amounts of savings can help you in the future.
Over time, these automatic deposits add up. For example, $50 a month accumulates to $600 a year and $3,000 after five years (plus interest that has compounded, no matter how small). Soon you will be able to cover many unexpected expenses without putting them on your credit card or taking out a high-cost loan.
I started documenting my hand-poured silver bars late last year about 7 months ago.
In case you interested...
Hand-pour Silver Bar No.67, No.66, No.65, No.64, No.63, No.62, No.61, Bar No.60, No.59, No.58, No.57, No.56, No.55, No.54, No.53, No.52, No.51, No.50, No.49, No.48, No.47, No.46, No.45, No.44, No.43, No.42, No.41, No.40, No.39, No.38, No.37, No.36, No.35, No.34, No.33, No.32, No.31, No.30, No.29, No.28, No.27, No.26, No.25, No.24, No.23, No.22, No.21, No.20, No.19, No.18, No.17, No.16, No.15, No.14, No.13, No.12, No.11, No.10, No.9, No.8, No.7, No.6, No.5, No.4, No.3, No.2, Hand-poured Silver Bar No.1.
Source: America Saves
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