Build a System That Makes Saving Easier

Saving money is often talked about like it comes down to deciding to save and having the discipline to stick with it.  

In real life, your income, expenses, benefits, bank or credit union, workplace, and the way your accounts are set up can all affect your ability to save. If you’re transitioning out of the military, adjusting to a new income, managing a change in benefits, or trying to get a better handle on your finances, there may be other things to address before saving more is realistic.  

Sometimes the next step isn’t moving money. It’s figuring out what would make it easier to eventually do so.  

Start With What’s Making Your Goal Difficult  

Think about the savings goal you’re working toward right now. Maybe you want to:  

• Build an emergency fund  

• Prepare for a move  

• Pay down debt  

• Save for a home  

• Create more breathing room between paychecks  

Now think about what keeps getting in the way.  

If you’re not sure where your money is going, start by getting a clear picture of what’s coming in and going out. The Veteran Saves Spending and Savings Plan can help you lay everything out in one place and determine what’s realistic right now.  

If your income or expenses have changed, your old savings plan may no longer fit. Adjusting the amount, timeline, or even the goal itself may make more sense than trying to stick with a plan that was built for a different financial situation.  

If there simply isn’t money available to save right now, focus on the expense, debt, benefit issue, or other financial pressure that needs your attention first.  

Take a Closer Look at Where You Bank  

Your bank or credit union may have tools you aren't using that could make saving simpler. Take a few minutes to see whether you can:  

• Set up an automatic transfer to savings when you get paid  

• Divide your direct deposit between checking and savings  

• Set an alert when your checking balance reaches a certain amount  

• Use a round-up or other savings feature  

Also look at what your account is costing you. Monthly maintenance fees, overdraft charges, minimum balance requirements, and other costs can eat into money you could otherwise keep.  

Use the Veteran Saves Does Your Bank Make Saving Easier? quick check to review your current account and see whether there are features you could put to work.  

Veterans looking for a bank or credit union can also explore the Veterans Benefits Banking Program (VBBP), which connects Veterans and beneficiaries with participating financial institutions and financial services.  

Check the Benefits You May Already Have  

If you’re working, take another look at your employee benefits. Depending on your employer, that could include:  

• A retirement plan with an employer match  

• A Health Savings Account (HSA) or Flexible Spending Account (FSA)  

• Commuter or transportation benefits  

• Financial wellness programs or financial counseling  

• Other benefits that could help with expenses you’re currently covering yourself  

Veterans and transitioning service members should also periodically review the benefits and programs available to them. Changes involving disability compensation, education benefits, housing assistance, employment resources, or other benefits can affect your overall financial picture.  

You don’t need to use every program available. Focus on whether there is a benefit or resource that applies to something you’re currently paying for or trying to accomplish.  

Know When it Makes Sense to Ask for Help  

Sometimes you know something needs to change but aren't sure what to do next. That may be a good time to bring in someone who can help you sort through your options.  

Depending on what you need help with, that could be:  

• A financial counselor or Accredited Financial Counselor (AFC®)  

• A Veteran service organization  

• Another trusted financial resource  

They may be able to help with questions about debt, budgeting, credit, benefits, or a major financial transition.  

Before working with someone, especially anyone selling financial products or services, understand how they are paid, what credentials they hold, and what fees may be involved.  

Make the Easy Things Easier  

Once you know what you can realistically save, consider whether part of the process can happen automatically.  

That could mean:  

• Setting up a $10 transfer on payday  

• Directing part of your paycheck into a separate savings account  

• Setting a balance alert that reminds you when it may be a good time to move money  

Automation won't work for everyone. If your income changes from paycheck to paycheck or money is especially tight, a fixed transfer could cause an overdraft or leave you short for another expense. A reminder to check your balance and decide what you can move may work better.  

Ready to work toward your savings goal?  

The Veteran Saves Pledge can help you identify a savings goal and make a plan to work toward it. When you take the pledge, you’ll also receive ongoing tips, tools, and resources from Veteran Saves to help you stay focused on the goal you’ve chosen.