Financial Education Resources

Saving money doesn’t have to be complicated, time-consuming, or require extreme discipline. If you find traditional budgeting or financial planning overwhelming, the Lazy Saver strategy could be perfect for you. Lazy Saving is all about automating your finances, reducing decision fatigue, and making saving effortless. Here’s how you can grow your savings without breaking a sweat.

1. Automate Everything
   The cornerstone of Lazy Saving is financial automation. Instead of relying on willpower, set up systems that do the saving for you. 

• • Direct Deposit into Savings: If your employer allows it, split your paycheck so that a portion goes directly into a savings account. This ensures a portion of your earnings is automatically saved before you even see it.
  • Automatic Transfers: Schedule recurring transfers from your checking account into your savings account every payday. The more consistent your transfers, the faster your savings will grow.
  • Round-Up Savings Apps: Link an app to your digital wallet to round up your purchases to the nearest dollar and automatically deposit the difference into your savings account. With Fidelity Bank's Spare Change for Good program, you can easily round up your purchases to save or choose to round up to give. It's a simple way to effortlessly build your savings or contribute to a cause you care about, all through your Fidelity Bank app or online banking.
    
    

2. Use High-Yield Savings Accounts
   Now that you’re saving effortlessly, make sure your money is working for you. High-yield savings accounts and money market accounts offer better interest rates than traditional savings accounts, allowing your savings to grow faster.
   
   Look for an account that offers competitive APY (annual percentage yield) to maximize your earnings.

3. Make Saving the Default Option
   To keep your savings on track, make it the default choice in your financial life. Reducing temptation and planning ahead will help you save more effortlessly.

• • Employer Retirement Plans: Contributing to your employer’s retirement plan, especially if they match contributions, is one of the best ways to “lazy save.” Plus, the power of compound interest makes your savings grow even faster.
  • Second or Hidden Savings Account: Open a second “hidden’ savings account at a different financial institution, making it more difficult to access. For example, Fidelity Bank's Christmas Club Account is a great way to save for the holidays without temptation. Funds are automatically transferred into your main checking account in October, helping you prepare for holiday expenses without the stress. It’s a set-it-and-forget-it way to keep your savings goal in sight and grow your funds over the course of the year.

4. Embrace Set-It-and-Forget-It Investing
   Investing might sound complex, but Lazy Savers can make it effortless with the right tools. Robo-advisors or index funds simplify investing by managing your money with minimal input from you.    

• • Target-Date Funds: These funds automatically adjust your investments based on your expected retirement date, taking the guesswork out of investing.
  • Robo-Advisors: Platforms like Betterment or Wealthfront offer automated investment management with little effort required on your part.
  • Recurring Contributions: Set up automatic deposits into your investment accounts, just like you did with your savings accounts. The consistency will help your investments grow over time.

5. Eliminate Decision Fatigue
   Let’s face it, the fewer financial decisions you have to make, the easier it will be to stick to your savings goals.

• • Automate Bill Payments: Setting up automatic payments for your bills can prevent late fees and help keep your credit score strong.
  • Unsubscribe from Unnecessary Subscriptions: Review your subscriptions and cancel the ones you don’t need. This will free up extra money that you can add to your savings.
  • Cash-Back Credit Cards: Use a credit card that offers cash-back rewards and automatically deposit the rewards into your savings account. It’s a simple way to accumulate additional savings without thinking about it.

6. Forget About It
   The best part about being a Lazy Saver is that once your systems are in place, you don’t have to think about them. Your savings will grow automatically, and you won’t have to lift a finger.
   
   By automating, optimizing, and simplifying your savings strategies, you can start building wealth with minimal effort. So, sit back, relax, and let your savings do what it’s meant to do: grow.