Save the Easy Way: Automatically
Burke & Herbert Bank is teaming up with Prince William Saves for America Saves Week, February 26-March 3, 2018, to encourage you to grow your savings.
The easiest and most effective way to save is automatically. This is how millions of employees save through 401(k) and other retirement programs at work. It is also how millions of Americans save at their bank.
How to Save Automatically
The best automatic saving is when you make a decision to do so, then it just happens:
- 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 how to set this up.
- Every month, your bank transfers a fixed amount from your checking account to a savings or investment account. Visit your nearest Burke & Herbert Bank branch or call us at 703-684-1655 to learn how easy it is to set this up.
Why Automatic Savings Works
Over time, these automatic deposits add up. Fifty dollars per month accumulates to $600 per year and $3,000 after five years, plus interest that has compounded. Soon you will be able to cover many unexpected expenses without putting them on your credit card or taking out a high-cost loan.
If you can't hit the $50 per month target, there are alternatives. For example, set up monthly automatic transfers of even small amounts from your checking account to a savings account. Visit or call us to see how easy it is to set up.
'I Don't Have Enough Money to Save'
But if even $25 is too much, just save your loose change. If every day you just put some or all of the loose change in your pocket or purse into a jar, and don't spend it, you will find that in a year you will probably accumulate over $100.
Just saving loose change has persuaded many Americans that they are able to save. And when they become convinced that they can save, they find other ways to build an emergency fund or save for other goals.
Everyone has the ability to save. At America Saves, we say "Start Small, Think Big." You can start with only $10 a week or month. Over time, your deposits will add up. Even small amounts of savings can help you in the future.
Save automatically. As millions of savers have learned, what you don't see, you won't miss.
This article originally appeared on the America Saves website and is used with permission.Back