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How to Save Money? Put It on Autopilot

Saving money isn’t particularly easy for most of us. We all know we should save some money for a variety of reasons, including planned future expenses and unexpected emergencies. However, there is often a disconnect between knowing you need to save money and actually saving it.

The trick is finding a way to make saving a regular habit. Saving money would be much more difficult if we waited until there were “big chunks” to save. Instead, choose a certain amount of money to put into a savings account every week, every two weeks, or every month, and stick to it. You can also think of this as paying yourself first. If you plan ahead to save a reasonable amount of money on a regular basis, chances are you won’t miss it anytime soon. Here are some tips and tools to help you achieve this goal.

1) Direct Deposit/Automatic Payroll Deduction

Direct deposit is one of the easiest and most effective tools you can use to increase your savings. Direct deposit allows you to choose a fixed amount from each check deposited into a checking or savings account of your choice. Many employers allow their employees to split their funds into multiple accounts. Utilizing this option allows you to regularly fund your checking account (for your regular bills and payments), as well as supplement one or more savings accounts for various purposes (regular savings; escrow property tax and homeowners insurance; auto repair/replacement fund; contingency fund, etc.).

Designating an amount to be deposited directly into an interest-bearing savings or money market account is likely the easiest and least painful way to force yourself to save regularly. While it may or may not seem like a lot at a time, regular and consistent deposit additions, and the compound interest earned on that money, can become quite substantial over time. Over time, even a small amount per check can grow into a substantial balance.

2) Automatic bank transfer

Similar to having your paycheck deposited directly into your bank account, automatic bank transfers are a great tool to help you top up your savings, money market, or even brokerage accounts. Most banks offer ways to set up automatic transfers, free of charge, from one bank account to another at the same bank, or to/from accounts at different banks. This can be very helpful, especially for individuals who are unable to direct deposit through their employer. In this case, a person can simply deposit his or her paycheck into their checking account. Transfer instructions can then be set up through the bank to transfer a specified amount from the checking account to a savings or money market account at the same bank or another bank. Many brokerages also allow automatic transfers from a bank account to an individual’s brokerage account.

3) Coin Bank / Piggy Bank

Don’t laugh too hard. Yes, even a good old jar or piggy bank can be a tool to help you accumulate savings a little at a time. Every time you come home with change in your pocket, put it in a jar. To further enhance your efforts, occasionally throw in $1, $5 or larger bills. Do not use this money for daily expenses. When the jar is full (or you’re just curious how much is in there), take it to your bank and deposit those funds into your savings account. Even better, if you have enough money in the pot, use it to buy savings bonds or certificates of deposit (CDs).

No, your coin or piggy bank won’t make you rich anytime soon. However, you might be surprised how quickly the change can add up. This alone could save hundreds of dollars in a few years! The point is, even small steps can add up to make a huge difference in the amount of money you save.

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