If you are struggling to save toward a large purchase or an emergency fund, you are not alone. Most people live paycheck-to-paycheck and find it difficult to gradually save.
This is where an automatic savings plan can be a great tool to help you make progress toward your saving goals. You simply set up an automatic transfer of a fixed amount and choose how often you want to transfer (monthly, weekly, bi-weekly).
For example, if you get paid bi-weekly, you can start with as little as $10 each paycheck period and track your progress and adjust as you need. Simply having a recurring deposit that you don't need to schedule or think about can help you make progress over time.
Why create an automatic savings plan?
- One-time set-up: Once you have your initial transfer set up, there's nothing more you need to do.
- Spend with confidence: An automatic transfer prioritizes savings first, ensuring your budget is the funds available after saving.
- Track and grow savings goals: You can regularly review your budget and adjust. If an unexpected purchase comes up (as it always does), you can adjust the fixed transfer amount at any time.
How to Set Up Your Automatic Savings via Recurring Transfers
Saving money doesn't need to be a chore. Setting up small, attainable goals and using automatic savings is a strategy that works.
Setting up an automatic savings plan can be done in Online Banking through a process known as recurring transfers. If you haven't yet, set up your Online Banking– it's free, and contains helpful financial tools.
- Log in to Online Banking.
- Click on the Transfers tab at the top of the page.
From this page, you'll be able to make a single (one-time) or recurring transfer of funds.
For recurring transfers:
- Select the account you want to transfer to and from.
- Select the frequency you'd like for it to occur.
- Choose a date you'd like the transfers to begin.
- Select the number of transfers (one time or unlimited).
- Select the amount (you can change this at any time).
Once you set up your account, download the BECU app and follow these steps:
- In the Move Money section, click Transfer
- Select From Account
- Select To Account
- Choose the amount you want to transfer
- Set how often you want to transfer (weekly, monthly, etc.)
- Select the date you'd like to transfer
- Slide to submit