These 3 Features Will Help You Reach Your Savings Goals
Category: Financial Literacy
Whether you’re getting ready for a specific purchase, saving up for a major life event, or building up your emergency fund, everyone is working towards a savings goal. But a goal is hard to reach without the right tools!
Here are three features that you should add into your savings game plan:
Utilize the “pay yourself first” style of saving by setting up an automatic transfer of funds into your savings accounts. Whether it’s $20 or $500, a regular schedule of added funds to an account is the best way to see it grow. Schedule these transfers through a direct deposit or after a payday has occurred. The money then lives in an account dedicated towards a savings goal, allowing you to avoid using it for something else.
Round Up Programs
Turn your everyday change into savings with a Round Up and Save Program. This feature takes purchases made on a connected debit card and “rounds it up” to the nearest dollar. Without having to lift a finger, that difference in change is deposited into your savings account. It’s like adding change to a piggy bank!
Monitoring you accounts on a regular basis is key to making surer your spending aligns with your saving goals. Setting up customizable alerts make this a breeze. Get notified each time there is a purchase on an account to curb overspending or set up a notice of the automatic deposit to your savings account so you can celebrate your savings win. Whatever your preference of notification you can set it up within Online or Mobile Banking.
It’s up to you to decide which features are right for you and your goals because personal finance is, well, personal. But keep in mind that this is only one piece of the puzzle. Budgeting, expense tracking, and money-saving measures should also be implemented in your day-to-day life to keep you on the right track.
It also matters what account you choose to keep your money in. Whether that’s an interest bearing account or one that allows for a higher number of transfers, or something in between. A BOS Customer Care Representative is available to help you determine what savings account is right for you and your goals.
Select a Category