America Saves Week 2024 is April 8-12 and is an opportunity for individuals to assess their savings and take financial action. You’ve decided it’s time to start taking positive steps toward saving and working to turn some of your dreams into reality! Putting money aside is not always an easy task when there are bills to pay. The good news is that saving can be possible and made easy with regular contributions – no matter the amount you may have to set aside.

Regularly contributing to a savings account is the best way to work toward your future goals… and the best way to make regular contributions is through saving automatically.

It’s our favorite way to save!

Saving through automatic deposits or transfers is the most effective way to save and helps make it easy by allowing you to choose what and when you’ll save.

How To Start Saving Automatically

First, you’ll want to have a clear view of your finances, so you know what you are capable of stashing away. Start with our list of 6 Steps to Establishing a Spending and Saving Plan. These steps will walk you through gathering your financial documents like pay stubs, utility bills, mortgage statements, etc., and will help you calculate your income and expenses as well as setting goals and creating a plan to achieve them.

Don’t worry or get discouraged if it’s not as much as you would like at first. We say start small, think big! Even small amounts add up over time. Once you determine the amount you’d like to start saving, there are two ways to start saving automatically:

  1. Visit your employer’s HR or payroll department and request a split deposit. Most companies will allow for more than one account to be set up for payroll direct deposit. Redirect your set savings amount into a designated account separate from the rest of your paycheck. Complete the necessary paperwork and let your employer do the rest.
  2. Set an auto transfer from your checking to savings at your bank or credit union. Choose the amount to transfer and a day of the week or the month (maybe the day after payday or at a time when there aren’t other debits hitting the account) for the transfer to be made and watch your balance grow! Most financial institutions’ online banking systems will allow you to set up a transfer with just a few clicks. If not, pay a visit to your local branch and ask for assistance.

No matter how you choose to save automatically, the most important thing is building the habit of saving – there is no amount too small to save!

Saving is a Habit, Not a Destination

That’s right – saving is a habit….and, practice makes perfect!

By definition, a habit is something you do on a regular basis consistently until it becomes second nature. Eventually, it will become something you do automatically without even thinking about it.

Saving is no different!

A series of small steps, like setting up a direct deposit or auto transfer, can get you closer to your goal and lead to big rewards in the long run.

Every step matters – no matter how big or how small. The more you do it, the more likely you are to stick with it.

Sometimes the hardest thing about saving money is just getting started. Take the America Saves Pledge today and choose your savings goal. We’ll be your partner along the way and will send texts and emails full of tips and resources to keep you on track!

The sooner you start, the better! Your future self with Thank You!

AB&T’s Save Your Change Program

Savings money each month is something many people struggle with. Now, you can reach your savings goal faster and with ease with our ‘Save Your Change’ Program. This automatic savings program takes the guesswork out of saving money each month.

Save Your Change will help you break that cycle and takes the guesswork out of saving money.  Simply use your American Bank & Trust Debit Card. We’ll round up each Debit Card transaction to the nearest dollar and then deposit that into your savings account.

Read more about AB&T’s Save Your Change Program.

About American Bank & Trust

American Bank & Trust is a locally owned and locally managed bank that has been serving the area since the late 1800’s. We pursue a growth strategy that affords us the capacity to meet and serve all of our customers’ financial needs and make available to the customer all of the financial products they desire in today’s fast-paced world. We are a service-oriented organization with independent leadership based in our communities. Our strong, well-managed, growing, innovative community banks offer an elite level of financial expertise that overlaps with individuality and empowerment, and an excellent reputation. American Bank & Trust offers great opportunities, makes an impact, and is a place where people like to work, grow, and make a difference. That is where you will find the very particular hue of difference that distinguishes our employees and relationships from other banks. ‘Where what if meets why not,’ you’ll find us hard at work.

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