How to save money automatically

Effortless ways to grow your savings

Automatic savings is a simple yet powerful tool that ensures you’re consistently working toward your financial goals, whether paying down debt, preparing for emergencies, or saving for long-term goals. Let’s explore how automatic savings can help you reach your financial goals.

Automate debt payments

Paying down debt  is saving! Tackling debt consistently can help you achieve financial freedom. Setting up automatic payments for loans or credit cards ensures that payments are made on time, helping you avoid late fees and reduce your overall balance.  

Automating your debt repayment makes it easier to stay consistent and stress-free. Set up automatic payments with your lender to ensure debt repayment stays on track. Start with as much as possible now and adjust as your financial situation evolves. 

Save for the unexpected

Life is unpredictable and having an emergency fund is key to financial peace of mind. Automating your contributions to a savings account ensures you’re consistently setting money aside for unexpected expenses. Open a savings account and set up a recurring transfer - even small amounts, like $10 or $20 a week, can add up over time.  

Simmons Bank Roundup^{21} is also another great way to save automatically! This feature rounds up your purchases to the nearest dollar and transfers the difference to a second account of your choice, making it effortless to build your emergency fund. 

Save for major milestones 

Whether you’re preparing for retirement, saving for a down payment on a home, or planning for your child’s education, automatic savings help you stay committed to those long-term goals.  

Ask your employer about split direct deposit options to automatically divide your paycheck between checking and savings accounts. Allocate part of your monthly savings to a retirement account (like an employer sponsored 401K or an IRA) or another long-term savings account, ensuring consistent progress toward your future. 

Let’s recap 

Automatic savings is the easiest and most effective way to build a solid financial foundation. Whether you're eliminating debt, building security for today or planning for your future, automatic savings simplifies the process of building financial security. Start small, stay consistent, and watch how these automated habits transform your financial journey.

This article is for educational purposes only and is not intended to be financial, investment, legal, or tax advice. Always consult a qualified professional about your personal situation.