How to Turn Your Savings on Auto-Pilot

posted 5/13/2019 in General

Navigating your personal finances can be a lot like piloting a plane. Sometimes life throws you a little bit of turbulence, but with the correct tools and training, you can ensure you always land safely when it comes to your financial wellbeing.

At Lincoln Savings Bank, we believe knowledge is the first thing people need in order to see the flight plan to their fiscal future. Without knowing where you’re going, it makes it difficult to know how to best take off. As you begin to navigate the clouds of student debt, home payments, and personal savings, remember to use these simple tips and tricks to help you switch your fiscal health onto auto-pilot.

Maximize your available retirement funds before you ever receive your paycheck! 

Utilizing a 401k through your employment benefits helps to not only give you a safe place to house your ongoing saving efforts for retirement, but they also give you the benefit of being able to utilize them without immediately paying taxes. So long as the funds go untouched by your 59 ½ birthday, you can withdraw your monthly distributions without having to pay any capital gains tax on the funds. In addition to this, it is common for employers to match the funds you contribute up to a certain percentage of your income. These funds are then invested on your behalf while they compound and ideally grow year-over-year. The best part about this tool is that the dollars used to fund it come straight from your gross pay (pre-income tax) and are removed from your paycheck before you ever receive it. You’ll be saving each and every month without even having to think!

Pay your bills every month without writing any checks!

No more need for stamps or envelopes, with Lincoln Savings Bank’s convenient online banking platform, you can set-up payments for your reoccurring bills with just the click of a button. Once coordinated, these bills will be paid on your behalf each and every month, ensuring you never miss a payment! Our customers love utilizing this automatic feature to help them pay bills for everything from their home’s utilities to online subscriptions such as Netflix or Hulu.

Set-up monthly savings transfers to make your savings goals fly by!

Sometimes its hard to save when there are available funds waiting to be spent in your checking account. To help yourself avoid the turbulence of temptation, use our mobile banking platform to create scheduled account transfers from your checking to your savings around each pay day. This quick and simple action can help you to find smoother skies when it comes to managing your money.

Whether your personal finances are more like flying a dream liner or a prop plane, these simple financial flight plans can help you navigate your way to financial success. Should you find yourself needing a co-pilot during your fiscal endeavors, be sure to stop by your nearest Lincoln Savings Bank branch. We’d love to assist you down the runway while you prepare for your next financial flight.   

Lincoln Savings Bank. Member FDIC.
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