Smart Ways to Save Money with NEBAT
| Posted in News
It’s Monday morning and you’re on your way to work. Everyone deserves a good cup of coffee on a Monday, so you stop on your way in: $6.50. As you arrive at work you realize you forgot your lunch on the table, so you order DoorDash: $13.75. When you get home, your kids inform you “there’s no fooooood!” so you head to the grocery store for a few after-school snacks and some dinner: $40.25.
Expenses add up and add up quickly, leaving savings accounts to be an afterthought. There are many unique ways to save money that people use. Some deposit a percentage of their income into their savings accounts regularly, while others save as they can with birthday money or bonuses from work. Different strategies work for different people. NEBAT offers a few easy and smart ways to save money, without much effort from you!
Round Up to Savings
Let’s head back to Monday morning. You used your NEBAT CheckCard three times throughout the day – not to mention your Netflix auto payment that went through. Here’s a little secret… NEBAT can help you SAVE while you SPEND, making you feel a little less guilty about that Amazon Prime order you snuck in. With our Round Up to Savings program, for every purchase you make with your NEBAT CheckCard, we’ll round up your total and put the difference into the NEBAT Savings Account of your choice. Rounding up to the next dollar from your coffee, lunch, and grocery shopping on Monday, you would have $1.50 added to your savings. It may seem small, but savings (like expenses) add up quickly too, offering a nice surprise when you look at your savings account balance!
You’re also able to customize your contribution by setting your savings round up amount and maximum threshold. Here are a few common ways to customize your savings contribution:
- Round up to next dollar: $4.50 transaction generates a $.50 round up transaction.
- Round up to the next $2: $5 transaction will generate a $1 round up transaction to meet the next $2 increment; $6 transaction will NOT round up as the transaction is already a $2 increment.
- You can also set up a weekly or monthly limit or no limit at all.
- You can set a weekly limit to $20 and a round up limit of $1. So, for every transaction it will be rounded up to the nearest $1 until you reach the weekly limit of $20. If on Wednesday, you have already rounded up to $19.80 and the next transaction is for $13.50 it will only round up the remaining $.20. No further transactions will get rounded up for the remainder of the week.
Holiday Savings Account
This past holiday season, American Shoppers were expected to spend $1,455. This includes gifts, non-gift purchases, and experiences. Without planning ahead, this can really burn a hole in your bank account. Starting to save now can lighten the holiday spending burden, allowing you to budget for gifts, food, and travel over the holiday season.
One of the unique ways to save money with NEBAT is a Holiday Savings account. Before we move on, go look at how much you spent on holiday spending last year to get a rough idea of how much you should plan to save for next year.
After you open a Holiday Savings account, you can deposit money into it at any time or set up regular, automatic transfers. If you’re in line with the average, that means setting aside about $120/month. NEBAT holds your holiday money safe in this account until October, when it automatically transfers into the account of your choice.
Seriously, imagine having $1,400 available to you right as you head into the holiday season! You know you’ll be spending money, so why not plan for it?
NEBAT is always here to support your financial goals. If you’re looking for other smart ways to save money and would prefer to chat with a local office, feel free to reach out. We’re here to offer help in whatever way we can!