How to Save Automatically
Automatic savings means you have a process in place to save at regular intervals, whether that's monthly, weekly, or daily.
If you want to save automatically, we suggest one of these three strategies:
- Split to Save. Instruct your employer to direct a certain amount from your paycheck each pay period and transfer it to a retirement or savings account (or both). Traditionally, you can set this up using your employer's direct deposit, ask your HR representative for more details, and set this up today. We call this method "Split to Save."
- Auto-Transfer. Blue Ridge Bank transfers a fixed amount from your checking account to a savings or investment account every payday. Talk to your local BRB representative, or go to the myBRB app to set this up.
- Scheduled Transfer. Choose a day during the month or a regular interval to transfer a set amount from your checking account to your savings account. We recommend this method for people with pay that varies, such as freelancers and those working in the gig economy. Consider picking a lower dollar amount or a time of the month when many other automatic payments aren't happening. You'll set this up with your myBRB app.
Not able to set those up because you're paid by a physical check, in cash, or currently unbanked? You can still make saving a consistent habit!
- Save your loose change. Put all of your loose change into a jar every day, and don't spend it. If that jar starts to look tempting, take it to your local BRB branch to cash and deposit it into your savings account. However, if you've got a big jar: there's no harm in watching your automatic savings pile up literally!
WHY AUTOMATIC SAVINGS WORKS
Over time, these automatic deposits add up. For example, $50 a month accumulates to $600 a year and $3,000 after five years, plus compounded interest. Soon you will be able to cover any unexpected expenses without putting them on your credit card or taking out a high-cost loan.
SAVING AUTOMATICALLY FLYER
Check out, print, or download the Saving Automatically Flyer. Then be sure to take the America Saves Pledge to get support, resources, and tips to help you along your savings journey based on what you are saving for!