Positive Financial Habit #3:
Automate Your Savings
Do you struggle with setting aside money for your financial goals? Whether your goals are big or small, making regular deposits into your savings account is a pillar of success in achieving that goal.
If you are someone who gets to the end of the month and wonders why there is no money left for savings, start practicing the principle of “paying yourself first.” This simply means that you put money aside for your goals FIRST before you pay anything else.
Now, it is important to note that this does not exclude you from paying your necessary bills on time each month. Don’t neglect your housing, utilities, and grocery funds, but send a few dollars over to savings before you go out for your daily coffee or weekly Chick-fil-A.
If you want to make saving even easier, set up an automatic transfer from your checking account to your savings. It can be as small as $5, or as large as you need to reach your goals.
Many banks even have sub-accounts within their savings accounts where you can earmark different funds for different goals. For example, I bank with ALLY and use their “Savings Bucket” feature. Each month, I might distribute the amount saved to my “Travel” savings and also my “Irregular Expenses” saving buckets. This feature makes it easy to save for multiple things without multiple accounts. Check with your bank to see how you can automate and customize your savings plan!
►Financial Aid: Have you received HEERF III funds this year?
Have you received your grant from the Higher Education Emergency Relief Fund? This is free emergency grant money as a result of the difficult economic times we are currently experiencing due to COVID-19. If awarded, you can have financial aid apply the funds to your bill, or have the funds sent straight to your bank account to cover personal expenses. This application is still open for students who have not received a grant.
To apply: Review your 2020-2021 AND 2021-2022 award summary on Pathway. If you do not see an award called “HEERF III” then you have not received the award and can apply using the following link. (There have been multiple HEERF awards, be sure to look carefully for the 3rd one!)
If you view your awards and see you were granted the HEERF III award in either Spring 2021, Summer 2021, or Fall 2021, you are not eligible to apply again.
If you have more questions or need help checking to see if you are eligible, email Kristian at email@example.com.
►Sign up for AAMC, Win a Prize!
AAMC Financial Wellness: The AAMC has created a robust financial management dashboard specifically designed for medical students. Use this dashboard to:
- Track Financial Health
- Budget & Track Spending
- Create Financial to-do’s
- Create Financial Goals
- Organize Student Loans
- Utilize Resources & Calculators
Create a free account today! Visit the site here and choose UMKC as your school.
ANYONE who signs up for AAMC Financial Wellness and creates a budget by October 31 will be entered into a drawing for a prize!
This week at AAMC: One-Week Plan to Building Wealth
Speaking of savings, starting the process of building long-term wealth doesn’t have to be difficult or complicated. Learn these simple tips at this week’s topic at AAMC Financial Wellness.
- Simple Steps Towards Building Wealth
- Benefits of Automated Savings and Investments
- How to Reduce and Eliminate Debt
- The Value of Auditing Your Spending
- How to Earn Money With Cash Back Options
- Long-Term Thinking: The Key to Building Wealth
Financial Wellness Meet and Greets – Get to know the Financial Wellness Department! Visit our table and grab a free snack in the SOM Lobby on September 30th and October 1st. See you there!