Automate Your Savings
Think saving money involves tedious restructuring of finances, risky investing, or long-term planning? Think again! Here are three easy tips to increase your savings without having to think about it.
Each time you use your debit card, Smart Save rounds up the transaction to the nearest dollar and deposits the difference into your savings account. As a result, the more you use your debit card, the faster you save! To sign up, look for the Smart Save link on your checking account details page or visit the My Cards section within Free Online Banking.
Most people are familiar with the convenience of direct deposit, where your paycheck is deposited electronically into a checking account. However, did you know that you can have a portion of your payroll deposited into your savings account, too? Take a look at our article on creating financial goals to see how depositing even a small portion of your paycheck into a savings account can quickly add up into a sizable chunk of change!
To enroll in direct deposit, contact your employer’s payroll department (or any government agency that pays you). You will need to provide them a direct deposit authorization form and account details such as your checking account number, savings account number (given the example above), and MIDFLORIDA's routing and transit number.
Utilizing Online Banking, you can set up the automatic transfer of money from one account to another. This can be performed easily between two MIDFLORIDA accounts or you can link an account from another financial institution. Either scenario allows you to choose the frequency that works best for you (such as bi-weekly or monthly). Once complete, you can sit back, relax, and watch as your savings grow! (Tip: To link a non-MIDFLORIDA account, look for Linked Accounts under the Transfer Funds section in Free Online Banking or the mobile app.)
Track your progress
It’s always a great idea to create and commit to a monthly budget. We offer simple budgeting tools found within our Free Online Banking service. Here, you can set goals and track your progress, no matter which of the above saving strategies you choose to implement!