Tools that help make saving simple
Whether you’re just getting your emergency fund started or you’re building up your retirement accounts, these simple tools, tactics and banking features can help you save more.
Make saving automatic
Automating savings can help you get to your goal. You can set up regular deposits or transfers into your savings account so you can save money before spending it. For example, instead of waiting to put money into your savings until after you pay your bills every month, automatic transfers allow you to save money first. There are two ways to do this:
- Use direct deposit to help you save. Most direct deposit programs allow you to split your paycheck so a portion goes directly into your savings account.
- Schedule automatic transfers. These let you regularly transfer money to your savings account from another eligible account such as your checking account.
You can adjust your transfers or deposits any time you want, but if you stay the course, you could see big rewards over time. For example, if you save $58 a week, in one year you would have $3,000 saved, which could be enough for a down payment on a car, a home repair or a vacation.
Tip: Make sure to schedule your transfers when you know you have enough money in the originating account, such as after each payday.
Stockpile your change
Remember the days when you dropped your spare change into a piggy bank or a jar? You probably never missed that money, but after a while you had enough to give your bank account a real boost. These days, apps and programs have harnessed the potential of small change. The details may differ depending on the program, but generally your financial transactions—such as swiping your debit card when you buy lunch at work—are rounded up to the next dollar, and the difference is transferred into a savings or investment account.
Item price: $5.45
Rounded up: $6.00
Transferred to savings: $0.55
If you do this every workday for a year, you could accumulate $125 or more, enough for a concert ticket, your child’s soccer fees or a nice birthday gift for your mom. Learn more about Bank of America’s Keep the Change® savings program, which rounds up debit card purchases to the nearest dollar amount and transfers the difference from your checking account into your savings account.
Use your rewards
If you typically use a credit card to pay for things, consider applying for one that lets you earn rewards on your purchases. You can use those rewards as a savings tool. For example, if your credit card gives you cash back, you may be able to set up automatic transfers of that money so that whenever you reach a certain rewards balance, such as $25, it is deposited directly into your savings account.
Consider apps for saving and budgeting
One of the best ways to save money is to build savings into your budget. If you find it hard to stick to a budget, a number of apps and programs can help do the work for you. These apps generally require access to certain financial details, such as your online account log-ins and passwords. Then, they analyze your spending and advise you on where to cut back or save.
Tip: If you’re considering downloading budgeting software or a budgeting app, make sure you research it before using it and only download it from a verified site or store. Bank of America clients can use the Spending & Budgeting tool online or in the mobile app.