Automating Savings: The Smart Way to Grow Your Money with Step

Why Saving Money Feels So Hard

You get paid, and before you know it, your paycheck is gone—rent, bills, a little shopping spree, maybe some takeout. By the end of the month, you barely have anything left to save. Sound familiar? You’re not alone! Saving money can be a lot easier said than done. But what if you could make saving automatic—so you don’t even have to think about it? That’s where automating your savings comes in. Let’s break it down.

Automate Savings Meaning: What Does It Really Mean?

Automating savings means setting up a system where a portion of your money is saved before you have a chance to spend it. Instead of hoping there’s money left over at the end of the month, you “pay yourself first” by putting money into savings as soon as you get paid. This way, your savings grow effortlessly while you go about your life. With Step, automating your savings is easier than ever. Let’s go over the best ways to automate your savings using the Step app.

How to Automate Savings with Step 📲

Step makes saving simple by offering built-in features that help you automate savings effortlessly. Here’s how:

1. Set a Savings Goal

Instead of manually transferring money each month, let Step do the work for you. Just create a Savings Goal in the Step app and set up automatic transfers from your Step account. You can choose to move money weekly or monthly, ensuring you save consistently. This eliminates the need to make a conscious effort every time you want to save, reducing the temptation to spend it elsewhere. Over time, this steady approach helps you build a significant savings cushion with minimal effort.

2. Use the Round-Up Feature

Small amounts add up fast! Every time you make a purchase with Step, the Round-Up feature rounds your transaction up to the nearest dollar and moves the spare change to your Savings Goal. For example, if you spend $4.75 on coffee, Step will round it up to $5 and add $0.25 to your savings. Easy, right? This feature helps you passively grow your savings without having to think about it, and since the amounts are small, you won’t even notice the difference in your day-to-day spending. Over time, these small deposits can add up to a substantial amount, making saving effortless and consistent.

3. Lock in Your Savings with the Piggy Bank Feature

One of the biggest challenges of saving? Not spending it. That’s where Step’s Piggy Bank feature comes in. With this, you can only withdraw the full balance and must close the goal to access the funds—helping you stay disciplined and avoid impulse spending. This feature is great for long-term savings because it removes the temptation of dipping into your funds for unnecessary purchases. By keeping your savings locked away, you’re more likely to reach your financial goals without setbacks. The Piggy Bank feature makes sure your money stays safe until you truly need it.

What Should You Save For? 💡

The first priority for any savings plan should be an emergency fund. Ideally, this fund should cover 3-6 months of essential expenses, ensuring financial security in case of unexpected setbacks like job loss, medical emergencies, or urgent car repairs. Having a solid emergency fund prevents you from relying on credit cards or loans when faced with unexpected costs. Once your emergency fund is in place, you can focus on goal-based savings that align with your lifestyle and aspirations. Consider saving for:

• A car – Whether it's your first ride or an upgrade, having savings set aside can reduce the need for high-interest auto loans.

• College tuition – Reducing student loan debt by paying tuition upfront or covering textbooks and supplies.

• Travel – Exploring new places without financial stress by planning ahead.

By automating these savings goals, you ensure that you’re consistently making progress toward them without having to manually transfer money each time. Step’s features make it seamless to balance both essential and aspirational savings without feeling overwhelmed.

Final Thoughts: Make Saving Effortless with Step 💙

Automating your savings is like putting your money on autopilot—making it way easier to reach your goals without even thinking about it. Whether you're saving for an emergency fund or a dream purchase, Step helps you get there faster.

Not only does automation remove the stress of remembering to save, but it also builds a habit of financial responsibility without added effort. The earlier you start, the more you’ll benefit from consistent savings over time, setting yourself up for long-term financial success.

Ready to start? With Step, you can not only automate your savings but also build your credit effortlessly. Check out our secured Visa card to build credit and set up your first automated savings goal today! 🚀