Enjoy “Set it and Forget it” Savings With CASH ROUNDUP and More
January 24, 2020
Creating a robust savings account is difficult in this day and age of perpetual spending temptation. That is why it’s important to take advantage of as many “passive” savings options as possible. The more tools you have to automate your savings efforts, the more money you will find yourself saving over time. There are a few great tools to consider that will allow you to sit back and watch your savings grow.
One way to do this is through the Guaranty Bank & Trust Cash Round-Up. Cash Round-Up rounds up every debit card transaction you make with your Guaranty Bank & Trust Debit Card to the nearest dollar and then deposits the leftover change into your savings account.
How beneficial can small change really be?
Think of all the transactions you make in a month. The average American made 23.6 debit transactions monthly in 2016, and those numbers are only growing as fewer Americans carry cash. Imagine if each of those swipes at the gas station, grocery store, fast food restaurants, department stores, and even to pay your utility bills was rounded up to supplement your savings. The money adds up quickly, allowing you to save effortlessly.
Even if you only accumulate one extra dollar or so in savings per day throughout the month, that is $30 plus that you manage to add to your savings with zero effort on your part.
Another way to put your savings on autopilot so that it doesn’t even feel like you’re making big sacrifices to save is by setting your account to transfer a portion of your check immediately upon deposit each week. This means you can start saving without investing a large amount of effort or even setting a savings budget.
Can you imagine how much more you can save if you use these two methods of saving along with other, more aggressive saving options that involve building budgets, cutting out non-essential spending, or even eliminating unnecessary subscriptions, services, etc.?
Getting started is the hardest part when you want to create passive savings opportunities. At Guaranty Bank & Trust, we are here to help you with that essential process too. Call us today to learn more about automated transfers, Cash Round-Up, and other ways we can help you make your savings grow.