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Automate your savings for America Saves Week

2/22/2016 11:17:17 AM

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America Saves Week is a national effort to set a savings goal, make a savings plan, and save automatically. The easiest and most effective way to start saving is to simply make the decision to automate your savings. When savings is created automatically, you can avoid the temptation to spend. 

The best automatic saving is when you make a decision to do so, and then it just happens:

  • Every month, your bank or credit union transfers a fixed amount from your checking account to a savings or investment account. Talk to your local bank or credit union to set this up.
  • Every pay period, your employer deducts a certain amount from your paycheck and transfers it to a retirement or savings account. Ask your HR representative for more details and to set this up.
  • If your employer doesn’t offer a retirement account start saving with myRA, a new retirement savings account from the United States Department of the Treasury. The account features no cost or fees, no complicated investment options, and no risk of losing money. 

If you don’t have an account at a bank or a credit union, you can set up a “life line” account. You will have to specifically ask for it at your financial institution and keep an average monthly balance of more than $50. Learn more about life line accounts at the Commerce website.

Not sure how much to save each month? Take the America Saves Pledge. The pledge will help you create a monthly savings plan and will help you stay committed to your plan all year long! 

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