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Your Life

How Automation Strategies Can Help You Save

Saving money is easier when you don’t actually have to do much. That may be a little bit of a stretch, but using technology or an automatic process can help you reach your savings goals faster and more easily. Need a rainy day or emergency fund? Want to contribute to your retirement? Have a goal you’re saving up for?  Here are some simple ways to get started.

Use a savings calculator

Tools like the Atlantic Union Bank Savings Calculator can track your progress or help set goals. It’s easy to use and can show you how you can grow savings and what the best strategies might be to help get your savings to where you want them to be.

Cut expenses

Take a look at your utility bills and monthly auto-pay debits. Are you getting your money’s worth? Maybe there’s a subscription service you can cancel? If you order food delivery three times a week, try to make it two instead. Cutting expenses is one of the easiest ways to automatically save. 

Find lower rates

If you’re paying off a student loan, mortgage or car, there may be a lower rate out there. That’s automatic money back in your pocket. Refinancing your mortgage or taking out a personal loan at a lower rate might be worth it long-term. Shop around for deals -- you might be pleasantly surprised what you find. Atlantic Union Bank offers several lending options also that might fit your needs. See them here.

Set up automatic payments for bills

Paying your bills on time means you won’t incur any late fees, which is money that you’d probably rather have than not have.  Most online banking features, including those at Atlantic Union Bank, allow you to set up automatic bill payments so you won’t forget to pay them when they come due.

Designate a savings account

You should have a savings account, if you don’t already. Atlantic Union Bank has many options to fit many needs. From simple accounts to money market or certificates of deposit, we can help you get started. See our savings account options here.

Split your paycheck

Have your employer divide your paycheck’s direct deposits between your checking account and savings account so you immediately have less to spend. For example, you can have a 90% of your paycheck go into your checking account and 10% go into your savings account.

Direct deposit your tax refunds and bonuses

Lump sums look great in your savings account. Getting a significant tax refund or a bonus from your job this year? Have it direct deposited right into your savings account. Make it a yearly habit and you’ll be on your way to growing a meaningful stash. (Also, earmark any other windfall for your savings. Birthday money? Car sale? Lottery winnings? Put that money in your savings account before you think about spending it). 

Transfer from your checking account

Most banks offer automated monthly or weekly savings transfers from checking to savings. At Atlantic Union Bank we can help set this up for you. $20? $50? $100? Or it’s easy to do a transfer with a mobile app.  Even if it’s what you may consider a small amount, it adds up in the end.  Give us a call if you need a hand.

Up your 401K contribution

If your job offers a 401K plan, make sure you’re taking advantage of it. Many employers will match your contribution up to a certain amount. Even if they don’t, if you have a plan available to you, it’s smart to contribute into it directly from your paycheck as much as you can afford. 

Good luck saving!

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