With the holidays behind us, it’s time to start thinking about savings goals for the New Year. Thankfully, there are cutting edge online tools and mobile apps that can help you reduce financial stress as well as rebuild your bank account.
I chatted with Carley Knobloch, a digital lifestyle expert, about ways to use technology to stay on top of your savings. She has partnered with Capital One 360, the largest online bank in the U.S. to share quick savings tips.
Capital One 360 has some incredible features that can help you achieve your savings goals almost effortlessly. With Capital One 360, there are no fees, no minimums, AND you earn interest! You can open a savings and checking account online and then set up an automated deposit feature from checking to savings each week or month to help you achieve your savings goals.
Even small deposits each week will make a huge difference in the long run. By automating your savings - as Carley calls it, “setting it and forgetting it,” you don't even have to think about putting money to the side. When you put your savings on auto-pilot, you determine how much (and how often) cash goes into your 360 savings account from a linked checking account. This automatic savings plan can help you meet your savings goals faster and puts you in control of how much and how often you'd like money transferred. Set a goal, track your progress, and celebrate your savings!
Another tip that Carley had was to think about what you’d like to save for this year, saving can be much more fun when you have a goal in mind. With Capital One 360’s My Savings Goals, you can use these goals to create and name up to 25 sub-accounts.
For example, you could deposit some cash into your "wedding" sub-account, some into your "house down payment" sub-account, and some into your “August European vacation” sub-account each week or month. By setting up these sub-accounts, your savings journey helps you save the way you want, when you want. Click on the Capital One 360 tips and tools link to learn more.
One tough part about kicking off your savings is figuring out how much and how often to save. Capital One 360 will also help you do the math to figure out a plan. For example, if you need $5,000 by next summer, the tool will let you know how much you need to save per week to reach that goal.
The tool will also let you know how long it will take you to reach $5,000 if you save $10 per month for the next 2 years. Using this tool can help you put your dreams into action, and feel motivated to stay on track. Click on the Capital One 360 savings link to learn more.
If you need more motivation, Capital One 360 phone apps will send you little notes when you've reached different milestones in your savings journey, so you know where you stand and get that extra little push to keep going. Downloading the Capital One 360 app is easy.
Remember, the great thing about online banks is that they go wherever you go, they’re with you 24/7 – online, on your mobile device and via telephone!
Happy New Year and happy savings!