Small Change, Big Savings: Best Uses of Saving Cents

Saving money can feel like a challenge. With the ups and downs of life, making a conscious effort of setting aside part of your paycheck for savings can be discouraging. But increasing your funds in your savings account1 shouldn’t feel like a sacrifice. At Armed Forces Bank, we have a tool to help you save. This will transfer funds with minimal impact on your daily life. Our Saving Cents2 program can help you increase the money in your savings account by rounding up your debit card purchases to the nearest increment of your choice. Then each night, funds are transferred to your savings account. This program makes it easy to gradually save for anything you need, from vacations to rainy day funds. Let’s explore some ways you can use the Saving Cents program to help you meet your financial goals.

What is the Saving Cents program?

The Saving Cents2 program is a unique tool offered by Armed Forces Bank. This program is a great resource for anyone who wants to grow their savings little by little. Every time you swipe your debit card, the final amount is rounded up by the increment of your choice. At the end of the day, all the spare change is deposited in your savings account.1 With time, all the money deposited from your everyday purchases can add up to create a big impact on your savings overall.

Want to know more about how the Saving Cents2 program works? Make sure to read all about it in our blog!

What are some ways to use the Saving Cents program?

One great element of the Saving Cents2 program is that there are no special restrictions to access your funds. The money simply becomes part of your savings account.1 That means you can save however you want to. Are you saving for a specific purchase, or are you simply putting a little money away “just in case?” Here are some ideas for how you can use your Saving Cents funds.

1. Back to school shopping

At the start of the school year, it can sometimes feel like our kids outgrew every scrap of clothing in their closet. Back to school shopping can create a major dent in a family’s budgets, but with a little planning, it doesn’t have to drain your wallet. You can have peace of mind knowing that with every purchase with your debit card, your “back to school” shopping fund can get a little bigger. By the time school starts up again, you can confidently replace all the clothes your kiddos have outgrown.

2. Enjoy the spring weather

With the weather getting warmer, many people are starting to clean out their fire pits and dust off their patio furniture. But with the wear and tear that can come with outdoor furniture, sometimes they don’t look picture perfect. Redoing the backyard can be a pricy undertaking. But with resources like our financial calculators and budgeting tools, as well as Saving Cents, you can achieve your financial goals quickly and without stress.

3. Planning a PCS move

Moving is simply a way of life when you’re in the military. Sometimes you can predict when you’re going to relocate, but other times it may come as a shock. Moving in the military involves lots of quick decisions and countless items to purchase. But if you have been contributing to your savings account, you can alleviate the cost of moving with the money you have accumulated.  

Where do I sign up for Saving Cents?

Now that you know some of the many ways you can use your Saving Cents funds, it’s time to take the next step towards reaching your financial goals. First, make sure you have both checking and savings accounts through Armed Forces Bank. Then, log in to digital banking and send us a message to request your enrollment. You can also call or visit a branch and ask an associate for assistance with the Saving Cents program. Once confirmed, start using your debit card like you normally do.

With the Saving Cents program, you are in control of your funds. Whether you’re saving for something big or putting money away for a rainy day, you have the power to reach your financial goals! It’s your money, so why not spend it how you want?

What are you waiting for? Sign up for the Saving Cents program and start letting your spare change work for you!

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1$25 minimum opening deposit required.  $100 minimum balance required to avoid $5 monthly service charge.  $5 paper statement fee applies.  Closing new accounts within 90 days of opening will result in a $20 closure fee.

Choose from $1 to $5 increment to round up on your debit card purchases from your checking account. Each night all the extra change will automatically transfer from your checking to your savings.