Saving Automatically

(5 Minute Read) – This article is part of our America Saves Week celebration.

Do you ever find yourself wondering if there is a magic formula to saving?

Does it seem that everyone around you knows the secret to saving successfully except you? It’s not unusual to lack confidence about saving money, no matter how much money you earn.

Confidence doesn’t necessarily come with having a lot of money; it comes from building healthy financial habits and using the resources that are available to you – this is your financial confidence!  

Start Saving Automatically 

A great place to start building your financial confidence is to set up automatic savings. When you are saving a dedicated amount of money every week, every month, or through some other regular interval, you can begin to feel a sense of control over your saving habits. Whether you are saving just $5 or $10 a month or more, it’s the fact that you’re doing it automatically that is important.    

Saving automatically is the formula for successful saving for anyone – including you. Getting started doesn’t have to be a hurdle either. Consider some options like:

1. Instructing your employer to split your directly deposited paycheck into two or more accounts at your financial institution with one account being a dedicated savings account.

2. Directing Unitus to automatically transfer money into your savings account. 

For option #1, contact your employer’s payroll department to set up split deposit, telling them how much you want to save per paycheck, and follow their instructions.  

If you want to use option #2, set up automatic transfers into savings within digital banking or through the Unitus mobile app!  

Saving Automatically with Unitus Rewards 

Another great way to save automatically is with Unitus Rewards. Unitus Rewards is our loyalty program that pays you cash* for every debit card purchase $5.00 and up. The best part? That cash back earns 3.00% APY** in your Unitus Rewards Savings Account. To be eligible, you’ll need a checking account, a debit card, and eStatements. You can take your savings even further when you round up your debit card purchases to the nearest dollar. That “spare change” goes right from your checking account into your Unitus Rewards Savings Account, earning that 3.00% APY.   

By utilizing any automated saving method, you can feel confident about building a healthy habit of saving. Imagine how good it will feel to see money accumulating in your savings account on a consistent basis. Instead of that voice in your head telling you that saving is hard, you’ll be able to say with confidence, “I am saving regularly!”   

Resources to Get You Started Saving Today! 

America Saves has several resources that can help you get started saving automatically:  

1. The Spending and Saving Tool to help you get a clear view of your finances and determine a realistic amount you can save regularly  

2. Think Like A Saver Podcast where you can learn about making saving easier, saving in spite of inflation and many other topics designed to support your saving habit.  

3. The America Saves Pledge, which can help you make a saving plan and receive ongoing support through emails and text messages  

So, remember your unique financial situation calls for you to make the choices that will work best for you and your family, which will ultimately increase your financial confidence and help you continue making informed choices throughout your saving journey!

What is America Saves Week?

Since 2007 America Saves Week has been an annual celebration as well as a call to action for everyday Americans to commit to saving successfully. Through the support of thousands of participating organizations, together we encourage individuals to do a financial check-in that allows them to get a clear view of their finances, set savings goals, and create a plan to achieve them.

Insured by NCUA. *Unitus Rewards purchases earn $0.05 on every purchase $5.00 and up. **APY=Annual Percentage Yield. Rate is current as of 2/1/2023. Rate is variable. Fees could reduce earnings.