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Work Toward Your Financial Goals With Checking and Savings Accounts

a woman uses online banking to balance her checking and savings accounts

Winter is over and spring is finally here. With the blooming of the flowers and trees, the new beginnings can bring new feelings of hope and inspiration. Which means it’s the perfect time to think about your financial goals and the steps you can take toward achieving them.

Of course, there are so many different steps you can take to set yourself up for success. But it may surprise you to know that two of the simplest types of financial accounts -- checking and savings -- can help you on your journey to meeting your goals.

Here are several ways that you can use your checking account and your savings account to help you work toward your financial goals.


1. Armed Forces Bank’s Saving Cents Program

How can spending money help you save money? With Armed Forces Bank’s Saving Cents program, you can use your checking account to save money … with each purchase you make.

Here’s how it works. When you make a purchase, you can round up your debit card purchases automatically and put the change in your savings with Saving Cents. You can choose to round up to the nearest dollar or even up to the nearest five dollars. Every time you make a purchase, we’ll round it up. Each night, all the extra change is transferred automatically from your checking to your savings.

To sign up for the Armed Forces Bank Saving Cents program, call or visit a branch,  or log into digital banking and send a Secure Message.

2. Make a Habit of Paying Yourself First

What does it mean to “Pay Yourself First”? It’s a money management strategy that can help you increase your savings without even thinking about it. For example, let’s say it’s payday. When you look at your checking account, you see that your direct deposit came through.

With Pay Yourself First, before you spend any of that money on bills, other necessary expenses, or anything else … you would transfer a certain amount of that money to your savings account.

The good news is that many checking accounts allow you to set up these automatic transfers. That way, you don’t have to worry about remembering to do it each pay period. But having that extra money in your savings account can help you meet your financial goals.

3. Automate Important Payments

Just like you can automate your savings, you can often use your checking account to automate payments. That way, you don’t have to worry about missing a payment or paying late. Whether it’s your mortgage or rent, phone bill or other utilities, or even your credit card bill, your checking account can help you make payments on time, every time.

There are multiple benefits of getting into the habit of making on time payments. First, your credit score won’t be harmed if payments. And second, you can lower the amount of interest charges you experience. When you make on time payments consistently, you can put yourself in a better position to meet your future financial goals.


1. Ensure You Have an Emergency Fund

An emergency fund -- or a “peace of mind” account, as we like to call it -- is an essential part of a healthy financial life. But unfortunately, many Americans don’t currently have emergency funds. If you don’t have one yet, don’t worry. It’s not too late to set one up.

Emergency funds are there in the case of an unexpected expense, like an unforeseen car repair or a medical bill. Without an emergency fund, you may be more likely to need to dip into another account to pay for these expenses or use credit to bridge the gap -- which could cause more financial hardship in other areas.

Having a savings account, especially one designated for emergencies, can help ensure your other financial goals aren’t derailed by an unexpected expense.

2. Achieve Your Dreams

No matter what your dreams are, it’s important to work toward achieving them. When you’re in the military, you know that life is unpredictable much of the time. But focusing on achieving your goals can help give you something to focus on that’s in your control.

Whether your dream is a vacation, a new home or car, continuing your education, or something else, you’ll likely need some funds to put that dream into motion.

As a child, you may have had a piggy bank to save up to buy a new toy. You can think of your savings account in the same way -- but with better protections. Take advantage of the benefits that savings accounts can offer as you work toward achieving your dreams.

To get some additional help growing your savings, while still retaining access to it if necessary, check out our Premier Money Market accounts. This account can act as an additional savings account where interest compounds and credits monthly.

If you’re working towards a larger, longer term dream – try investing some of that money in a Certificate of Deposit. CDs are a great way to lock in an interest rate for your selected term and get some additional help steadily growing your money.

Armed Forces Bank Checking and Savings Accounts*

At Armed Forces Bank, we offer a variety of checking and savings account options to ensure we fully meet our clients’ needs.

For checking accounts, choose between Access and Elite Checking, plus special checking accounts for students and new recruits. Each of these accounts come with benefits such as digital banking with bill pay, free mobile check deposit (Message and data rates may apply. Deposits are subject to verification and are not available for immediate withdrawal. Deposit limit and restrictions apply.), free E-Statements, and debit card controls. You can also get free money orders and free access to 30,000+ ATMs with the MoneyPass Network. Learn more about Armed Forces Bank checking accounts.

Our savings accounts are designed to help you save up for anything -- from vacations to emergency expenses. Features include digital banking with account alerts, Military Early Pay, source of overdraft protection, and eligibility for our Saving Cents program. Open your Armed Forces Bank savings account now: it could be the best return on 10 minutes you’ve ever enjoyed!

*Message and data rates may apply. Deposits are subject to verification and are not available for immediate withdrawal. Deposit limits and restrictions apply.

Let’s Meet Your Financial Goals, Together

Are you ready to continue your good financial habits and work toward your goals? Armed Forces Bank is by your side.

On top of our savings and checking accounts, we offer a variety of other products, to help you live your best financial life -- now, and in the future.

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*$25 opening deposit required