Get started on your savings goals with Spend to Save
Due to supply-chain issues and inflation, the cost of everyday items is increasing. Saving money is ...
Avoid hidden bank fees with Arsenal Credit Union
What happens when you run your debit card as credit – and why you should do it
Living paycheck to paycheck doesn’t mean you don’t make enough money. Fifty-four percent of consumers in the United States today live paycheck to paycheck, including 53 percent of those who earn $50,000 to $100,000 a year. In fact, 60 percent of millennials who make over $100,000 a year said they’re living paycheck to paycheck.
Mortgages, student loan payments, childcare and other monthly expenses are more expensive than ever. The cost of everyday items like groceries and gas are also creeping up, making it less affordable to live and leaving people with less money in savings for big purchases and emergencies.
With these increases in spending, how are you supposed to find money to set aside for your savings account each month? If you want to start saving, but feel overwhelmed, we can offer a little bit of help.
Spend to Save rounds up transactions you make using your Arsenal debit card and automatically deposits the change into your savings account. For example, a $12.46 purchase would be rounded up to $13.00, with 54 cents transferred to your savings account.
Spend to Save is free to use, unlike other popular “round-up” apps on the market. There’s no additional app to download – you can view all Spend to Save transactions within online or mobile banking.
At the end of the day, Spend to Save is just a great way to grow your savings account and put yourself in better long-term financial health.
Here’s what the average person pays each time they make a transaction at one of these popular retailers or service providers:
With Spend to Save, you’d have an extra $3.82 in your savings account each week. In a year, you’d save an extra $198.64.
For accounting purposes, if more than one debit card transaction posts to your account in a calendar day, the change will be totaled and transferred to your savings account and show as a single “Spend to Save” transaction. For example: on purchases of $12.64, $33.17 and $68.41, the transferred amount will show as $1.78 in your savings account, reflecting 36 cents, 83 cents and 59 cents being added up.
If the transfer of “Spend to Save” funds would result in an overdraft, the transfer will not occur.