Need a Savings Breakthrough? Try Automating.

Set realistic savings goals

Whether you’re looking to beat the paycheck-to-paycheck cycle, or you need to save some extra money for home projects or an upcoming vacation, setting up an automatic savings plan is a great way to reach your goals while basically letting Alaska USA online banking do all the work for you. You’ll be surprised how much you can save when you automate the process.

How do I get started?

Start small. Find a set amount you can spare from every paycheck, say $10, $25, or even $50 dollars, depending on your goals, and set up an automatic scheduled transfer from your checking account to your savings account. If your goal is more time sensitive, like an upcoming vacation, take your goal amount and divide it by the number of paychecks you’ll receive before your deadline. This will give you the amount you need to set for your automatic transfer.

Seems almost too simple to work, doesn’t it?

How is this going to help you build a savings? Think of it like this: every paycheck you receive has money withheld for taxes, insurance, or other benefits.  You become used to the net amount that gets deposited into your checking account and probably don’t think about your withholdings until tax time.  Using an automatic savings plan has a similar affect on how you view your paycheck, and you can start to put money aside without thinking about it.