Put Your Checking Account to Work for You Towards Savings

by Kevin Smith Author

Whether you have a regular checking account with a credit union or high interest checking accounts in Johnstown, PA, there are some things that you can do to make sure your checking account is working with you to achieve your financial goals. One worthy goal in particular that’s nice to have is a savings goal. However, with free check writing and unlimited debit card usage, it can be hard to curb your spending and get your checking account to work with you to save. Here are some things to consider when trying to save money with a checking account.

Be Choosy About Your Checking Account

These days, there are many different types of checking accounts to choose from. Although you might choose a basic checking account from your local institution out of convenience, some online accounts may be worth a look too. Some of these offer rewards on debit card purchases, free monthly bonuses, and other rewards for smart spending.

If you do choose a rewards bearing checking account, use your rewards to save money. Most rewards programs have the option of exchanging your rewards points and cash back on purchases for a cash deposit or a check. Opt-in for these and then move this extra money over to your savings account. This can be a great way to get your spending working for you.

Add A Savings Column to Your Budget

If you don’t have a budget set up, it’s high time you created one. If you do have a budget that you’ve been working with regularly, add another line item: savings. Pay into your savings regularly just as you are paying towards your rent or mortgage, vehicle loan payment, and gasoline and groceries. If you get into a savings mindset, you’ll start to save as a matter of habit.

Make It Automatic

By automating your finances, you can have a portion of your checks go into savings automatically. This way you don’t even have to think of that money before it hits your savings account. As you see your savings account move upwards, your motivation to keep going with your savings habit will likewise increase. Consider setting up an automatic recurring transfer from your checking to your savings account today or talk to your employer about changing your direct deposit to start adding to your savings.

Saving money with a checking account is easy enough to do. All you have to have is the right type of checking account, whether it looks like high interest checking accounts in Johnstown, PA, or something similar, and a little determination to reach your goal.