Everyone knows that saving money is important — whether it’s an emergency fund, retirement fund, or vacation fund. However, saving money is easier said than done. It requires goal-setting, planning, and discipline. Luckily, Ascend has made saving a little easier with tools in our digital banking platform, along with a host of accounts designed for saving and making sure you get the most out of your money. 

Read on to learn more about our savings tools and how they can help make your saving easier—and more efficient.

Utilize Savings Goals
Savings goals are a feature in our digital banking platform that allow you to visualize your progress towards long-term financial goals such as an emergency fund, vacation fund, and more. When you create a savings goal within Ascend’s digital banking app, you choose the target amount of money you wish to save, and the target date. From there, you’ll be able to see the progress you’ve made towards your goal every time you deposit money into the account. Utilizing this feature could not only provide extra motivation towards saving, but it could save you from headache-inducing math as you constantly check-up on how much you need to save to reach your goal.

It’s important to note that you’ll still earn interest on the total balance of your account (meaning, all your savings goals combined), so you’re not losing out on the earned interest.

Recurring Transfers
You can set up recurring transfers inside Ascend’s digital banking platform that will allow you to have your money automatically transferred to different accounts on a schedule that makes sense for you. Setting this up will make your saving automatic, and therefore, easier to accomplish as time goes on.

Spending Analysis
Our digital banking platform contains an in-depth analysis of your spending, breaking down your expenses into categories, as well as measuring your spending habits over time. These insights will help you see where you could cut back spending in certain areas to put that money towards your savings goals. While Ascend offers free budget worksheets that allow you to track spending on a granular level, our spending analysis tool gives you the “big picture” on where your money is going each month.

Best Accounts for Saving
Besides providing a host of tools that make saving easier, Ascend also provides the savings vehicles you need to maximize your money as you work towards your goals. Our Interest Earning checking account provides the flexibility of a normal checking account while also earning you competitive interest. Furthermore, we offer money market accounts that provide higher interest rates along with easy access to your money. The great thing about any of these account types is the more you have in the account, the more interest you earn. This makes it great option for emergency funds and college funds. Certificate accounts are another great way to earn interest on your savings. These accounts feature a higher interest rate than most savings accounts—without the risk of the stock market, making them a safe way to invest.

With these tips, you are now better equipped to save smarter—and easier. For more information regarding saving, check out our free financial education course on how to reach your savings goals.