Set It and Forget It. Why You Should Automate Your Savings.

Published

February 10, 2021

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financial education

Chances are that you or someone you love has experienced a loss of income since the onset of Covid-19 in America. There is no better time to get a clear view of your finances, set your financial goals, and make a plan to achieve them.

We suggest focusing on the easiest and most effective way to save— to save automatically. How do you save automatically?

The two best ways to save automatically are:

  1. Splitting Your Direct Deposit: Have your employer direct a certain amount from your paycheck each pay period and transfer it to a retirement or savings account (or both). Traditionally, you can set this up using your employer’s direct deposit program. Contact your HR representative for more details, and set this up today. No amount is too small!

  2. Setting Up An Automatic Bank Transfer: At a chosen time, Merck EFCU will transfer a fixed amount from your checking account to a savings or investment account. Visit a branch or call 732-594-3317 to set up your automatic bank transfer.

Having a “set it and forget it” approach to saving increases your success rate. Remember, savings is a habit, not a destination. When starting your savings journey, getting into the habit of saving is so important. Start small and think big. Even if your savings goal is $10 a week until you accumulate your first $500 in your emergency fund, you’ll be better prepared for those pesky unexpected emergencies and can simply pay it with your cash savings!


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