How Automating Your Savings Actually Sets You Up For Success
Learn how to consistently hit your savings goals — and start achieving your financial dreams
Key takeaways:
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Sticking to a savings plan can feel daunting, but there are tools available to help streamline your savings.
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Automated transfers allow you to “set it and forget it,” since they automatically move money into your savings account on the schedule you set up.
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You can also free up mental energy for saving by automating other aspects of financial management, like depositing your paycheck, and by working with an expert to create a savings plan that works for your lifestyle.
If every month feels like a financial balancing act — one where you’re counting down until payday and juggling multiple goals — you’re far from alone. With the cost of living continuing to rise, and everything from mortgage rates to gas becoming more expensive, many households find themselves facing an increasingly tight budget. And that means it’s getting harder and harder to save.
However, this is when saving can make the biggest difference in your financial well-being. Having an emergency fund means you can stick to your budget even when a surprise expense comes up. It means you can cover an unexpected car repair without dipping into your gas money for the week. And continuing with your long-term savings goals, like retirement, means you're still working toward the future you want, even in a tough economy.
The good news? There are tools to help make saving feel more manageable, even when your budget is tight. Read on to learn how to use online banking to set your savings strategy up for success.
Use automated transfers to make saving (almost) effortless
For many aspiring savers, one of the biggest barriers to saving is consistently remembering to do it. It’s far too easy to forget to log into online banking to transfer money into your savings accounts. And, if you’re juggling multiple savings goals across multiple accounts, there’s an even greater chance you’ll inadvertently forget to save.
With automated transfers, that’s no longer a problem.
Automated transfers move funds into your savings on a regular basis. You choose how much and how often to save, and automated transfers move your money automatically.
You can use automated transfers to:
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Save a specific amount weekly or monthly
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Transfer money into your savings on specific dates (for example, the day after payday)
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Schedule multiple transfers into different savings accounts to easily work toward multiple savings goals simultaneously
As a result, you're more easily able to stick to your savings goals — even when life gets busy.
Set up direct deposit and bill pay to more easily manage your money
Just as automated savings can ease the mental burden of manually transferring money into your savings account, direct deposit and bill pay make it easier to meet your financial commitments. After all, money management is all about giving yourself the freedom to live the life you want — and the more mental energy you save on day-to-day financial management, the more you’ll have to pursue other goals.
Our direct deposit feature lets a third party, like your employer, deposit funds directly into your bank account. That saves you the time and effort of depositing a paycheck — or government-provided funds, like Social Security checks — and ensures the funds hit your account as quickly as possible, minimizing delays before you can access your pay.
Bill pay automates recurring bill payments. All you need to do is set the date and amount for each bill payment, as well as the account you’d like to pay from, and we’ll take care of the rest. We can even automate bill payments for bills that fluctuate month to month, like your electricity bill, so your bills are always covered.
Make habits that stick, with help from a financial expert
Automated savings, direct deposit and bill pay can help you stick to your savings plan, but we can also make it easier to create your plan. After all, creating a financial plan on your own can be intimidating, and many savers experience decision fatigue as they try to find the best way to reach their goals.
Talking to a financial expert can help. An expert can work with you to:
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Crystallize your most important financial goals and what you’re hoping to achieve.
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Figure out how much money is coming into your account, as well as how much you’re spending each month.
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Set realistic savings goals, helping you prepare for the future without feeling deprived in the present.
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Make sure you have access to the best accounts and solutions to fit your financial goals and needs.
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Continually refine and adjust your financial plan as your situation and your priorities change.
You also don’t need a specific goal in mind to chat with a financial expert. Simply stopping into your local financial center is an opportunity to check in with your banking team, ask them any questions you may have or simply chat about how you’re feeling about your money. Talking to an expert can serve as a sounding board for you to feel more confident in your finances, and give your bank a chance to know you better, so they can better support your goals.
We’re always here to help you achieve your savings (and other financial) goals
Whether you’re ready to create a savings plan or you just want to drop in for a quick chat, our team of financial experts is here to help you on your journey.
When you’re ready, get started by logging into your Northwest Bank account or opening a savings account online. Your path to the secure financial future you deserve is just around the corner.
