Between rising costs, packed schedules and a constant stream of financial advice, saving money can feel like another task competing for your attention. But it doesn’t have to be as complicated as it seems.
Building an emergency fund or contributing to investments can be as simple as setting up a few automatic transfers and then letting them run in the background. In fact, using automation tools removes much of the mental work that can make saving feel overwhelming in the first place.
That’s often the real barrier, CFP Amber FitzRysler, founder of Rising Financial, tells CNBC Select. “People don’t struggle to save because they’re irresponsible — they struggle because life is busy,” she says.
Here’s how to make automation work for you.
1. Start with one main checking account
One way to get started automating your nest egg is by setting up one main checking account where all of your income lands, FitzRysler says — whether that’s paychecks, side-gig earnings, tax refunds or any other deposits.
“Have everything land in one place first,” she adds. “Then build the structure around it.”
Think of that account as your financial home base. When all your income flows into a single spot, it’s easier to understand your cash flow and decide where your money should go next. From there, you can set up automatic transfers into separate savings accounts tied to specific goals.
The Capital One 360 Checking is a good one because it gives you access to close to 750 branches and over 2,000 in-network ATMs. It also has no account minimum, no charge for overdrafts and no foreign transaction fees.
Capital One Bank is a Member FDIC.
Monthly maintenance feeMinimum deposit to openMinimum balanceAnnual Percentage Yield (APY)Free ATM network
70,000+ Capital One®, MoneyPass and Allpoint® ATMs
ATM fee reimbursementOverdraft feeMobile check depositProsTop-rated mobile appNo minimum deposit to open an account0.10% APY on all account balancesNo foreign transaction feesNo overdraft feesFree savings transfer for overdrafts after opt-inConsNo reimbursement for out-of-network ATM fees
The Alliant High Rate Checking also offers no minimum balance requirement, overdraft or non-sufficient funds fee. While it is a credit union, Alliant just requires a $5 donation to the nonprofit Alliant Credit Union Foundation, which will be refunded once you open your account. Members have access to over 80,000 fee-free ATMs and up to $20 is reimbursed per month for out-of-network ATM fees.
Alliant Credit Union High-Rate Checking
Alliant Credit Union is a Member NCUA.
Monthly maintenance feeMinimum deposit to open
$25 when opening online or over the phone
Minimum balanceAnnual Percentage Yield (APY)
0.25% with paperless and recurring monthly electronic deposit
Free ATM network
80,000+ Alliant network ATMs
ATM fee reimbursementOverdraft feeMobile check depositProsTop-rated mobile appATM fee reimbursement up to $20 per month0.25% APYNo overdraft feesConsMust opt-in to paperless statements and have a recurring monthly electronic deposit to earn APY2. Create separate savings buckets
Once you have a central checking account in place, the next step is to open separate savings accounts for specific goals. That could include one for emergencies, for travel, for holiday spending or even for longer-term goals like a down payment. The key is giving each goal its own space.
“I don’t like to see goals competing in the same account,” FitzRysler says.
When everything sits in one savings account, it’s easy to lose track of what that money is actually for or accidentally spend funds you meant to set aside for something else. Separating your savings into labeled buckets adds clarity and makes it easier to see your progress toward each goal.
The Ally Online Savings Account actually lets you create up to 30 different buckets within the same account for designated funds or goals. Plus, it comes with a solid rate, no minimum account balances and no monthly maintenance fees.
Ally Bank is a Member FDIC.
Annual Percentage Yield (APY)Minimum balanceMonthly feeMaximum transactions
10 withdrawals or transfers per statement cycle
Excessive transactions feeOverdraft feeOffer checking account?Offer ATM card?
Yes, if have an Ally checking account
ProsStrong APYNo minimum balance or depositNo monthly feesOption to add a checking account with ATM accessConsHigher APYs offered elsewhere$10 excessive transactions fee
The SoFi Checking and Savings account also offers “Vaults,” which function like savings buckets for specific goals. You can also enroll in SoFi “Roundups,” which automatically round up debit card purchases to the nearest dollar. Those spare-change amounts can then be directed straight into your savings.
SoFi Bank, N.A. is a Member FDIC.
SoFi Bank, N.A. is a Member FDIC.
Annual Percentage Yield (APY)
Sign-up bonus of $50 or $300
No account, service or maintenance fees for SoFi Checking and Savings.
No-fee overdraft protection
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
*Click here for important disclaimers and disclosures.
Pros & consImpressive welcome bonusStrong APY with direct depositNo minimum balance or deposit neededNo monthly feesComes with checking account and ATM accessReceive your paycheck in your account up to 2 days early automatically when you set up direct depositSave change automatically with Roundups and set savings goals with VaultsNo foreign transaction feesFDIC insurance up to $3 million additional through the SoFi Insured Deposit Program*Non-direct deposit APYs are low compared to other high-yield savings accountsNo reimbursement for out-of-network ATM feesNo physical branches3. Set annual goals — then divide by 12
Instead of picking a random amount to transfer each month, start by deciding what you want to save for over the next year. How much will you need and when will you need it by? Once you have a clear number, divide that total by 12 (or by the number of months you have until the expense). Then set up an automatic transfer for that amount from your checking account into the appropriate savings bucket.
Breaking a larger goal into monthly contributions makes it feel more attainable and also helps ensure your planned expenses don’t turn into financial stress later on. For example, if you expect to spend $1,200 on holiday gifts this year, setting aside $100 per month can spread that cost out evenly instead of scrambling come December.
4. Start smaller than you think
When setting up automatic transfers, it can be tempting to choose an ambitious number or you may feel you have to go big right away. But starting aggressively can actually backfire.
Automating just $25 can actually be more effective than setting up $500 and ending up turning it off a few months later. “The goal isn’t perfection, it’s momentum,” FitzRysler says. Building the habit matters more than hitting an ideal number right away. Plus, you can always increase the amount later.
Automation doesn’t have to stop at your bank accounts. In fact, many workplace retirement plans allow employees to set up automatic annual contribution increases. For example, you can schedule to have your 401(k) contribution go up 1% automatically each year, or you can increase it after a raise.
Some employers also allow direct paycheck splits, which would send a portion of your pay directly into savings before it even hits your checking account. This could especially be helpful if “out of sight, out of mind” is a good strategy for you. That way, when the money moves automatically, consistency stops being the barrier.
Even with automation in place, it’s important to review your savings plan periodically. That could mean quarterly check-ins or an annual review to assess your progress, increase contributions after a raise or adjust for major life transitions like a marriage, new child or job change.
At the same time, try to avoid reacting to every interest rate change. Chasing a slightly higher savings rate may not be worth the time and effort if your broader plan is already working.
Expense trackers and budgeting apps can make these check-ins easier, especially if logging into multiple accounts feels overwhelming. Many platforms allow you to link your bank, credit card and investment accounts so you can see everything in one place.
For example, Monarch offers a clean, easy-to-navigate dashboard and a seven-day free trial for new users. YNAB, short for “You Need A Budget,” is built around a zero-based budgeting approach, which encourages users to assign every dollar a specific purpose so nothing goes unaccounted for.
Monarch Cost
$8.33/month (billed $99.99 annually); $14.99/month (billed monthly) – get 50% off your first year with code CNBC50
Free trial
7-day free trial is available before subscribing
Standout features
Net worth tracker, investment portfolio tracking, goal creation and progress tracking, budgeting and expense tracking
Categorizes your expenses
Yes, but users can modify
Links to accounts
Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android); web version also offered
Security features
Utilizes industry-leading security practices, according to Monarch’s website
ProsEasy-to-navigate money-tracking dashboard, including a net-worth trackerEasily syncs to your bank, credit cards and other financial accountsUsers can add collaborators for freeSeven-day free trialCons Subscription is pricier than competitorsRecommendations in the “advice” tab are genericYou Need a Budget (YNAB)Cost
34-day free trial then $109 per year ($9.08 per month) or $14.99 per month (college students who provide proof of enrollment get 12 months free)
Standout features
Instead of using traditional budgeting buckets, users allocate every dollar they earn to something (known as the “zero-based budgeting system” where no dollar is unaccounted for). Every dollar is assigned a “job,” whether it’s to go toward bills, savings, investments, etc.
Categorizes your expensesLinks to accounts
Yes, bank and credit cards
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
Security features
Encrypted data, accredited data centers, third-party audits and more
ProsOffers a 34-day free trial, and college students get 12 months freeDesigned to help you get out of debtYNAB website claims average user saves $600 in their first two months and $6,000 in their first yearSyncs to your bank accounts and credit cardsUsers can set goals, customize spending categoriesOffers educational resources, such as budgeting advice and free, live workshopsPersonal customer supportSecurity features include encrypted data, accredited data centers, third-party audits and moreConsCosts $109 per year or $14.99 per monthCustomer reviews note that it takes longer to set up than other apps
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At CNBC Select, we work with experts who have specialized knowledge and authority based on relevant training and/or experience. For this story, we interviewed Amber FitzRysler, a certified financial planner, founder and CEO of Rising Financial.
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every savings article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of savings and banking products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.