Reach Savings Goals Faster with CASH ROUNDUP
January 31, 2020
One of the most difficult things to do in modern society is to save money. No matter how much money you spend each month there almost always seems to be one more thing you want or need to buy. And, no matter how hard you work to build up your savings each month, there almost always seems to be one more thing that leaves you tempted to dip into your savings, undoing all your hard progress. That is why it is always best to seek out multiple avenues to boost your savings day after day and month after month. This is where Cash Round Up comes into the picture.
What is Cash Round-Up?
Cash round-up is associated with your bank debit card. With round-up, every time you make a payment using your debit card, it rounds the transaction up to the nearest dollar amount and deposits the “spare change” into your savings account. This allows you to supplement the money you already invest in your savings account each month so your savings can add up faster.
The real beauty of cash round up is that it allows you to invest in your personal savings accounts without really feeling a pinch from your efforts. It’s like using “found money” to supplement your savings. Of course, cash round-up is only one part of a successful savings plan. You will need to supplement your savings in other ways as well.
Setting Savings Goals
The best savings goals are aggressive but achievable. Sometimes you have specific things you’d like to accomplish with your savings, such as a major purchase, a home repair, or a vacation. At other times, you’re simply working to create a sizable rainy day fund – or both. Give yourself a deadline for when you’d like to have a specific amount of money set aside toward your goal and decide how much money you need to save each month to accomplish that goal.
From there, you must consult your budget to look for areas where you can trim the fat, such as your mobile phone plan, your daily Starbuck’s run, unused gym memberships, multiple streaming services, and even subscription boxes. Eliminate the unnecessary items from your budget and see how much of that money you can shift to your savings account. Then use cash round up to supplement that money and watch your savings grow.
The Cash Round-Up program at Guaranty Bank & Trust can help you reach your savings and other financial goals faster. Contact Guaranty Bank & Trust today to learn more about our program and to get started on your savings goals right away.