Even if you already have a robust savings account, you are likely interested in growing it more. By automatically putting money away from each paycheck, you can unconsciously add to your reserves. The following are a few of the benefits you can look forward to by setting up regular transfers. 

How Can Automatic Savings Help Me?

1. Keeps Checking & Savings Separate

You can tell yourself that you won’t spend money in your checking account, but when it’s so easily accessible, it’s a lot harder to stick to your savings goals. When your money is in a savings account, it isn’t as readily available—and will also earn more interest over time.

2. Prevents Procrastination

It’s easy to put off saving; most people would rather spend their money on something fun or put it towards debt. However, the best way to build a healthy savings account is by “paying yourself first.” By diverting money to savings automatically, you’re forced to use the remaining money to cover your recurring living expenses. This can lead to more responsible spending habits overall. 

3. Helps You Stay Organized

Many people have short-term and long-term savings goals. You may want to save up for a summer vacation, while also putting money aside to buy a house or plan for retirement.

In this case, you can open multiple savings accounts and have automatic transfers set up for each one. Also, consider having an account dedicated to emergency funds—in case a problem with your car or home repairs pops up unexpectedly.

Spirit of America Federal Credit Union makes the process of saving even more attractive with their passbook savings accounts. These accounts allow you to earn dividends with just a $25 minimum deposit. Because you’re a member and not merely a client, this Lincoln, NE, credit union strives to provide the very best customer service, which includes convenient online banking Call (402) 467-1102 for more information on opening an account or visit them online to learn more. This credit union is insured by the National Credit Union Administration (NCUA).