Welcome to North Shore Bank's In Your Interest podcast. Let's take a look at two easy steps that can help you simplify your financial life. Managing your finances perfectly can be difficult, if not impossible, but there are some good steps to take that will help you save time and help you accumulate funds to achieve any financial objective.
The first is using direct deposit for your paycheck. Direct deposit of your paycheck is the fastest, safest, and most convenient way to get your paycheck into your checking or savings account. Eliminate worry about lost checks, waiting in line to make deposits, or other delays. And with direct deposit, your money is able to go to work for you faster.
Direct deposit eliminates mail delays and is safer. Almost all mail theft takes place after the mail has been delivered, so direct deposit eases this worry. Direct deposit can be used for your payroll checks, social security payments, and other government checks. Most employers make signing up for direct deposit of your payroll check easy.
Speak with your payroll department or human resources representative to find out what you need to do to enroll. More often than not, you'll only need to provide them with your deposit account number as well as the routing number from your bank. For more information on how direct deposit can benefit you, Listen to Episode 2 of our In Your Interest podcast, where we go into further depth on this topic.
The second step is to use an automatic savings plan. Why not have a portion of your paycheck, or a specified amount from your checking account, go directly into a savings account each month? If you're already doing this, consider increasing the amount. This simple tool is a useful way to [00:02:00] save more and develop a good savings habit.
Your employer might also offer a payroll savings plan. Additionally, North Shore Bank can work with you to easily set up a plan. Along with taking advantage of your employer's retirement plan, using an automatic savings plan is one of the easiest ways to save. It's easy to set up an automatic savings transfer of money, including funds from accounts that are not in North Shore Bank, using our free online banking service.
You may want to use this technique for a short term goal, such as a major purchase, down payment on a home, or to pay for that dream vacation. It can also be an important and effective part of planning for a financially secure retirement. We invite you to set up a time to meet with your North Shore Bank personal banker, who will work with you to go over your savings options and help you determine what best fits your particular needs and interests.
Thank you for listening to this episode. And if you haven't already, please subscribe to this podcast in iTunes or your favorite podcast client. Learn more about North Shore Banks in your interest podcast at NorthShoreBank. com slash podcast. Member FDIC, Equal Housing Lender.