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Start Saving Today

Here’s our guide to making it happen.

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Turn Habit Into Have It!

 
Whether you’re in need of a new vehicle, want an emergency stash, down payment, have a special life event, or just begging for some peace of mind, just know, saving can be easy and painless. 
 
Below is a guide to help you make it happen. Remember, it is never too late or too early to start saving.
 

Why Save?


People save for a variety of reasons – but mostly because it helps you with tomorrow – things you want, unexpected events, or a better night’s sleep. As is evident today, we can’t predict the future, but we can be a little better prepared for it.
 

Tips, Tricks and Habits

 
  • Establish clear savings goals. Statistics show it works better for most people.
  • Short-term savings usually requires short-term sacrifices. Find things you can cut out of your budget while you save for your trip, new car, RV, etc. TIP: Try to focus on the freedom savings provides, instead of. the restrictions. Hopefully those are short-lived.
  • Set it and forget it. For those who direct deposit their paycheck, set up your accounts so a little money from each paycheck is automatically deposited into a savings account before the money hits your checking account. Then forget about it until you hit your goal.
  • Automate account balance alerts. Set up savings account balance alerts so you’re notified when your balance hits certain amounts. It will keep you going and let you know when you’ve reached your goal!
  • Sometimes it helps to look at what you can save in 10-year increments. Many people think cutting out the small things, like a $3.00 latte, won’t make a big difference, but it can.
 
EXAMPLE 1, if you cut out your daily latte purchase, how much money would you save in 10 years’ time?
$3.00 Latte x 5 (days per week) x 52 (weeks in a year) x 10 years = $7,800 Total Saved
 
EXAMPLE 2, if you automatically deposit $150 at the beginning of each bi-weekly pay period into a savings account, approximately how much could you save in 10 years?
Based on 0.25% APY, compounded monthly, this would result in approximately $39,493 after 10 years.
 
This is a hypothetical example for illustrative purposes and future rates of return can’t be predicted with certainty. We do not guarantee the accuracy in regard to your individual circumstances. 
 
 

Steps to your goal

Remember, your plan doesn’t have to be perfect, nor does your execution – you just need take the first steps! 
 
1. Develop a budget and timeline.
Start by determining how much you’ll need for your savings goal. Create a budget and calculate how much you can realistically save each month – that will help you gauge when you’ll hit the finish line. NOTE: If making a purchase, be sure to calculate the true cost. For example, if you are buying a new vehicle, be sure to include the cost of tax, title, licensing, and insurance.

2. Establish a separate savings account.
Set up a separate savings account exclusively for whatever it is you’re saving for and make your monthly contributions automatic. By keeping this money separate, you’ll be less likely to tap into it when you’re tight on cash.

3. Shop around to reduce major monthly expenses.
It’s a good idea to check rates for your car insurance, renter’s insurance, health insurance, cable, Internet or cell phone plan. There may be deals or promotions available that allow you to save hundreds of dollars by adjusting your contracts.

4. Monitor your spending.
With online and mobile banking, keeping an eye on your spending is easier than ever. Identify areas where you could cut back (e.g. nice meals out, vacations, etc.) and instead put that money into savings. VeraBank customers can use our Money Management tool to track spending, set and track goals, create a budget and more!

Ready to get started? Open a savings account online in minutes!

We’re here for you! If you need help with your savings plan or opening a VeraBank savings account, we’re happy to help. Simply call our customer service team at 877-566-2621.

  • Existing customers, login to Online Banking or the Mobile App and go to "Open a New Account".
  • New customers, click here to apply online.

Check out Banzai for more information on learning to budget. It even has free online courses for young children, teens and adults!