How to save more money automatically (and make saving easier)

We understand its benefits. We agree that it’s essential to our well-being. And we know that it’s something we should be doing.

Whether you're struggling to save consistently or already setting money aside each month, automation can make the process easier. Instead of relying on memory or motivation, you can create a system that helps you stay on track toward your financial goals.

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How to save by paying yourself first

Paying yourself first is an effective savings strategy because it takes willpower right out of the equation.

Rather than struggling to increase your self-control, you reduce your need to put it in action.

When you get paid, a portion of your income immediately funnels into your savings.

The size of that portion is up to you. To figure it out, take your total monthly income, subtract your essential monthly expenses and then decide how much of the remainder you want going toward your savings goals.

That portion might be small at first. But it will add up over time and get you in the habit of saving consistently.

If you're not sure where to start, consider building an emergency fund or saving toward a specific upcoming expense. Even small, automatic contributions can grow into meaningful progress over time.

As your savings grow and you make progress on your financial goals, you’ll see your monthly cash flow in a new light. You might even discover opportunities to increase your savings rate over time as expenses change or financial priorities shift. 

Name your hopes and dreams

What goals matter most to you right now?

Maybe you’d like to buy a new car. Renovate your home. Or go back to school to get your dream job. Or maybe you're planning a vacation, building an emergency fund or dreaming up something else.

Naming your dreams—and saving for them—can help you reach your goals.

Here’s why: You begin to visualize what you’re working toward. Having that visualization can motivate you to keep saving and protect your hard-earned money for its intended purpose.

Automate your savings plan

Even if you're already saving regularly, automation can help you save more consistently and make progress toward multiple goals at the same time.

You can further reduce your reliance on willpower by automating your savings plan. By setting up a strategic system of automatic deposits and transfers, you’ll save money without thinking about it!

Consider incorporating one or more of the following tips into your automatic savings plan:

Know how your account works

Automation is an incredibly powerful tool when it comes to saving money—but not if it ends up costing you money!

Some bank account types might limit the number of free transfers (between your accounts) or free checking transactions (online bill pay) available to you in a month.

This is something to consider when designing your automated savings plan. If you’re unsure of your account’s limits, talk to your financial institution and find out. You might even learn that it offers account types better suited to your savings plan.

Automate your paycheck

Your employer can help you reach your savings goals before your paycheck even hits your bank account.

Take advantage of any retirement savings plans offered through your employer—especially if they include an employer match.

If you get paid by direct deposit, ask your employer whether you can split your paycheck between multiple accounts. Sending a portion directly to savings can help you consistently save money before you're tempted to spend it elsewhere.

Automate your checking account

If your employer doesn’t have the ability to deposit some of your paycheck into your savings account, do the next best thing: Set up an automatic repeating transfer from your checking account to your savings account.

Schedule the transfer for shortly after payday. That way, as you budget out your month, your savings will already be safely tucked away out of sight, out of mind.

Even if you're already contributing to a workplace retirement plan, consider automating additional savings for shorter-term goals, future opportunities or unexpected expenses. Separating retirement savings from other savings goals can make it easier to track your progress.

And if your employer doesn’t offer a retirement savings plan—or you’re not quite ready to start one—you can consider opening a Launchpad savings account.

The Dupaco account helps you prepare to open an Individual Retirement Account by allowing you to save at your pace. Once you’ve saved $1,000, you can move your savings into an IRA.

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Automate your savings goals

Admittedly, throwing money into a generic savings account every month isn’t a particularly imaginative experience. It’s not representative of the future happiness you’re creating with your savings goals.

Increase your motivation and excitement around saving money by reminding yourself of the specifics of your goals.

If you have the ability, create additional savings accounts or subaccounts for each of your goals and give them custom titles. With Dupaco’s You-Name-It Savings accounts, you can open as many as you want.

Watching the numbers grow beside "Emergency Fund," "Family Vacation," "Next Vehicle" or "Kitchen Remodel" is often more motivating than simply labeling an account "Savings." Get even more granular by setting up regular automatic transfers into each of your subaccounts.

And with Dupaco’s Savings Goal, you can get help creating a customized plan to reach your goals. You can access this tool in Shine Online and Mobile Banking.

As your balances grow, you may also want to review which savings options best fit your goals. The account that makes sense for an emergency fund may not be the same one you'd choose for a larger balance you're setting aside for future plans. 

Automate your bills

Your savings won’t accumulate if late fees and missed payments keep eating into your budget. Set up automatic bill pay for your recurring expenses.

Organize and streamline the process further by calling companies to adjust your billing dates. Grouping billing dates together can make them easier to track and manage.

Bonus tip: Look for extra opportunities

Once your automatic savings plan is in place, look for little ways to make additional contributions to your savings accounts.

Still have a spare change jar? Empty its contents once or twice a year and deposit it into your savings. And save your “loose change” from debited transactions through Dupaco’s ChangeUp Savings. ChangeUp automatically rounds your debit card purchases up to the next dollar and deposits the difference into your savings account.

If you participate in a cashback rewards program, consider putting that “extra” money toward your savings instead of spending it. Also consider putting any future income tax refunds toward your savings.

Another simple strategy is to automatically save unexpected money. Tax refunds, bonuses, cash gifts and rebates can be directed into savings before they become part of your regular spending. Many savers find that "found money" is one of the easiest ways to accelerate progress toward their goals.

You can get creative in finding additional sources of income to help your savings along.

The best savings strategy isn't necessarily the most complicated one. It's the one you'll consistently follow. By automating deposits, organizing your goals and looking for small opportunities to save along the way, you can build steady progress toward whatever comes next.