Saving money is as important as making money. Saving allows you to prepare for life’s unexpected situations such as illness, as well as planned large purchases such as buying a home, a car, going on vacation, retirement, and paying for education.

It’s not easy to save money. It takes a lot of discipline to commit to saving each week, or each month. The key to maximizing the benefits of saving is to ensure that you save the same amount on a fixed, regular basis.  That might seem like a lot of work, and it is. But there are alternatives.

Opening an automatic savings account is an excellent compliment to your regular savings account. Having an automatic savings account allows you to deposit a dollar amount of your choice into a dedicated “special” savings account at specified intervals, without having to line up at your Credit Union to make the deposit. Then, at the end of the savings period, the total amount is paid out to you, or deposited into your primary savings or checking account.

Consider how much you can save if you just put away $10, $25 or $50 each week.

Try using a savings calculator to plan towards your savings goal.

An automatic savings plan has other advantages than just the convenience of not having to deposit funds into your savings account each month manually:

• Automatic savings accounts give you peace of mind. The best part about using an automatic savings account is that all the work is done for you.  Just “set it and forget it.”
• Automatic savings accounts can be used as a budgeting tool to saving towards a large purchase, or several purchases during the Christmas season.
• Most automatic savings account are locked in or have a penalty for early withdrawal, so your money grows in a dedicated account that can’t be depleted.

Choose a set dollar amount that will be transferred from an existing savings or checking account, or from your direct deposit, each week. Then let your money do the work all year long. Saving has never been simpler.