When you make the smart decision to have a portion of your income automatically deposited into a savings account, you increase your chance for success.
It’s Military Saves Month and National Financial Capability Month, making it the perfect time to do a financial check-in with our community. As we’ve recently experienced, focusing on saving and securing our individual financial future is a necessity.
This week’s focus is #SaveAutomatically. This is the easiest and most effective way to “set it and forget it” and increase your success rate.
The two best ways to save automatically are:
1. Direct Deposit through Allotment: Have DFAS, PPC, or your employer direct a certain amount from your pay and deposit it into a savings account.
2. Automatic Bank Transfer: Every payday, your bank or credit union transfers a fixed amount from your checking account to a savings or investment account. Talk to your financial institution to set this up.
Over time, these automatic deposits add up. For example, a $50 monthly allotment accumulates to $600 a year and $3,000 after five years, plus interest! Whether saving for an emergency fund, education expenses, retirement, or all things in between, by making saving automatic, our community is in the best possible position to reach any savings goal.
Ready to commit to saving more successfully? We encourage you to take the Military Saves Pledge, or repledge with a new goal. Not only will you have a new savings plan, you’ll receive support, reminders, and tips directly from Military Saves.
SAFE would also love to help you reach your savings goals! Click the button below to open a savings account today! If you'd like more information about direct deposit and how you can start saving automatically, visit your nearest branch, or call one of our account experts at 1.800.763.8600, ext. 2375.
As a participant in Military Saves Month, we encourage you to celebrate your savings journey by joining a community of military affiliated people on a similar savings journey. The #MilitarySavers Facebook Group is hosted by MilitarySaves.
Military Saves is a campaign coordinated by the nonprofit Consumer Federation of America (CFA) and is dedicated to helping servicemembers and their families save money, reduce debt, and build wealth. Use of U.S. Department of Defense (DoD) visual information does not imply or constitute DoD endorsement.