America Saves Week - Tip #4
Automatic Transfers Make Saving Easy
BEECHER, IL (February 23, 2012) – You know you should be saving more money but sometimes it may seem like the effort to put aside that money each week or month isn't worth it. Similar to the "a watched pot never boils" cliche, it might feel like that small amount doesn't add up to much when you see the balance each time you make the deposit. What if you could put aside a set amount each month without actually having to do anything?
A simple way is by setting up automatic transfers from a checking account to a savings account. Whether it's weekly or monthly, an automatic transfer to an interest-bearing account is an easy way to build up savings. A small transfer of $10 each week will turn in to $520 by the end of one year, not including interest. The funds will then be available for major purchases like appliances, the start of a down payment on a new home or for unexpected expenses like fixing a leaky roof. Having these funds available will help prevent incurring unnecessary debt.
For more information about automatic transfers, please call one of our customer service representatives at either of our banking facilities. And to learn more ways you can start or increase your savings, visit www.americasavesweek.org.