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Behavior Based Savings Strategies. Lesson: Simple Savings Strategies. Behavior Based Saving Strategies. Establish a savings goal Become a member of a Bank, Credit Union, or Matched-Savings Program Pay yourself first Make saving automatic by splitting your direct deposit
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Behavior Based Savings Strategies Lesson: Simple Savings Strategies
Behavior Based Saving Strategies • Establish a savings goal • Become a member of a Bank, Credit Union, or Matched-Savings Program • Pay yourself first • Make saving automatic by splitting your direct deposit • Signup to receive “nudges” such as emails and text messages • Take advantage of employer based savings programs such as Save for Tomorrow.
Establish a savings goal • According to the CFPB– “Setting financial goals is important, and building savings towards those goals is one of the best ways to achieve them.”
Become a member of a Bank, Credit Union, or Matched-Savings Program
Make saving by splitting your direct deposit • Consider split deposits between checking and savings accounts • Consider splitting savings into a savings account at a different financial institution than your checking account
Take advantage of employer based savings programs such as Save for Tomorrow • Take advantage of employer based savings programs such as Save for Tomorrow. • Such programs allow you to maintain your standard of living while defaulting pay increases or windfalls into a dedicated savings account.