January 31, 2024 •Amy Miller, America Saves
You’ve decided it’s time to start taking positive steps toward saving and working to turn some of your dreams into reality! Putting money aside is not always an easy task when there are bills to pay. The good news is that saving can be possible and made easy with regular contributions – no matter the amount you may have to set aside.
Regularly contributing to a savings account is the best way to work toward your future goals...….and the best way to make regular contributions is through saving automatically.
It’s our favorite way to save!
Saving through direct deposits or automatic transfers is the most effective way to save and helps make it easy by allowing you to choose what and when you’ll save.
How To Start Saving Automatically 
First, you’ll want to have a clear view of your finances, so you know what you are capable of stashing away. Start with our list of 6 Steps to Establishing a Spending and Saving Plan. These steps will walk you through gathering your financial documents like pay stubs, utility bills, mortgage statements, etc., and will help you calculate your income and expenses as well as setting goals and making a plan to achieve them. (You can also try the Financial Insights tool, which can help you calculate your net worth quickly and easily.)
Don’t worry or get discouraged if it’s not as much as you would like at first. At America Saves, we say Start Small, Think BIG! Even small amounts add up over time.
Once you determine the amount you’d like to start saving, there are two ways to start saving automatically:
- Visit your employer’s HR or payroll department and request a split direct deposit. Most companies will allow for more than one account to be set up for payroll direct deposit. Redirect your set savings amount into a designated account separate from the rest of your paycheck. Complete the necessary paperwork and let your employer do the rest. (You can skip this step by setting up direct deposit using CSB Digital Banking tools.)
- Set an auto transfer from your checking to savings at your bank or credit union. Choose the amount to transfer and a day of the week or the month (maybe the day after payday or at a time when there aren’t other debits hitting the account) for the transfer to be made and watch your balance grow! Most financial institutions’ online banking systems will allow you to set up a transfer with just a few clicks. If not, pay a visit to your local branch and ask for assistance.
No matter how you choose to save automatically, the most important thing is building the habit of saving – there is no amount too small to save!
Saving is a Habit, Not a Destination
That’s right – Saving is a Habit….and, practice makes perfect!
By definition, a habit is something you do on a regular basis consistently until it becomes second nature. Eventually, it will become something you do automatically without even thinking about it.
Saving is no different!
A series of small steps, like setting up a direct deposit or auto transfer, can get you closer to your goal and lead to big rewards in the long run.
Every step matters – no matter how big or how small. The more you do it, the more likely you are to stick with it.
Sometimes the hardest thing about saving money is just getting started. Take the America Saves Pledge today and choose your savings goal. We’ll be your partner along the way and will send texts and emails full of tips and resources to keep you on track!
The sooner you start, the better! Your future self will Thank You!
America Saves Week is a time-honored event; a national opportunity for organizations to work together within their communities to transform the lives of millions of Americans by encouraging them to save successfully. The America Saves Pledge is the framework that allows savers to set a goal and make a plan to achieve better financial stability.
The views, information, or opinions expressed in this article are solely those of the author and do not necessarily represent the views of Citizens State Bank and its affiliates, and Citizens State Bank is not responsible for and does not verify the accuracy of any information contained in this article or items hyperlinked within. This is for informational purposes and is no way intended to provide legal advice.