Sense & Centsibility Blog
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What’s the Easiest Way to Save? Automatically

America Saves Week 2022, February 21–25, is an annual call to action for everyday Americans to commit to saving successfully.

LSS Financial Counseling is among the participating organizations that are encouraging savers nationwide to set a goal for savings and make a plan to maintain or improve financial wellness.

This blog was written by Kia Young from the America Saves campaign coordinated by the nonprofit Consumer Federation of America (CFA).

The easiest and most effective way to save is automatically. Think about it; this saving automatically is the exact same way that millions of employees save through 401(k) and other retirement programs at work. So taking that same concept — that you can “set it and forget it” and adjust to money going directly into savings — would work for ANY savings goal you have, including saving for an emergency fund, homeownership, education or even a vacation.

How to Save Automatically

Automatic savings simply means you have a process in place to save at regular intervals, whether that’s monthly, weekly or daily.

If you want to save automatically, we suggest one of these three strategies:

  • Split to Save. Instruct your employer to take 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. Ask your HR representative for more details, and set this up today.
  • Auto-Transfer. Every payday, your bank or credit union transfers a fixed amount from your checking account to a savings or investment account. Talk to your local bank or credit union to set this up.
  • Scheduled Transfer. Choose a day of the month or a regular interval, such as every two weeks, to transfer a set amount from your checking account to a savings account. We particularly recommend this method for people with pay that varies, such as freelancers and those working in the gig economy. Consider picking a lower dollar amount or a time of the month when many other automatic payments aren’t happening. You’ll set this up with your bank or credit union.

Not able to set those up because you’re paid by a physical check or in cash or you’re currently unbanked? You can still make saving a consistent habit!

  • Save your loose change. Every day, put all the loose change from your pocket or purse into a jar, and don’t spend it. If that jar starts to look tempting, take it to a local, federally-insured bank or credit union, and deposit it into a savings account with low to no fees. However, if you’ve got a big jar, there’s no harm in watching your automatic savings pile up — literally!

Why Automatic Savings Works

Over time, these automatic deposits add up. For example, $50 a month accumulates to $600 a year and $3,000 after five years, plus interest that has compounded. Soon you will be able to cover many unexpected expenses without putting them on your credit card or taking out a high-cost loan. Check out, print or download the Saving Automatically Flyer.

I Don’t Have Enough Money to Save

If you’re still in the stage of your savings journey where you’re reducing debt (which is saving!), then visit our resources to help you pay down debt.

Remember, even while you’re actively reducing debt, everyone has the ability to start to save. At America Saves, we say “Start Small, Think Big.” You can start with only a small amount, and you can save daily, weekly or monthly. Over time, your deposits will add up. Even small amounts of savings can help you in the future.


LSS Financial Counseling can work with you to develop a plan to increase your savings that fits your individual financial situation. Our certified, experienced and nonjudgmental financial counselors are available for free, confidential appointments. Call 888.577.2227 to schedule a phone or virtual appointment, or get your support online.