How to Save Consistently: Automate & Maximize Your Progress

liveyourmoneystyle
Jun 2
3 min read

Welcome back to the Savings Section of our 5-Pillar Series from the Deeply Invested podcast! In last week’s episode, we covered why saving matters and how to set meaningful goals. This week, we’re diving into how to stick to your savings plan, and the secret is simple: consistency and automation.

If you’ve ever struggled with building your savings or staying on track, this one’s for you.

First Things First: Build Your Emergency Fund

Did you know that as of 2025, 59% of Americans don’t have enough saved to cover a $1,000 emergency (Bankrate.com)? That’s a big deal, but also a big opportunity to set yourself up with financial peace of mind.

An emergency fund is cash set aside for unexpected expenses like:

Car or home repairs
Job loss or medical bills
Anything that throws off your budget

How much should you save? Aim for 3 - 6 months of essential expenses. For example, if you spend $5,000/month, try to build an emergency fund of $15,000 - $30,000. It won’t happen overnight, but the payoff of peace of mind and freedom from credit card debt is more than worth it.

Pro tip: Keep your emergency fund in a High-Yield Savings Account (HYSA) so it earns interest while it sits.

Save Automatically, Adjust Periodically

Automation is your savings superpower.

Set up automatic transfers from your checking account into your HYSA. This “set-it-and-forget-it” approach helps you build momentum without needing to think about it every week.

You can (and should) adjust these transfers at least once a year, especially if:

You’ve hit or changed your savings goal
Your monthly expenses changed
You want to start saving for something new
You need to free up cash temporarily

Consistent saving = consistent interest = long-term growth through compounding.

Watch Out for Bank Fees

In 2024, Bank of America earned over $36 billion in fees and commissions.

Before you open (or keep) an account, make sure you’re not paying for:

Monthly maintenance fees
Overdraft charges
Other “gotcha” fees

There are plenty of fee-free banks out there. Don’t settle.

Mistakes to Avoid

Not having (or replenishing) your emergency fund
Keeping savings in a checking or traditional savings account — they often pay you next to nothing, while banks earn billions in interest.

“In 2024, Bank of America made $146.6 billion in interest income. If they’re earning interest on your money — why shouldn’t you?” (Per Bank of America’s 10k filing)

The Psychology of Saving

Saving isn’t just about math — it’s also emotional.

Start small — every little bit counts
Celebrate milestones along the way
Try savings challenges to stay engaged
Remember: Delayed gratification is a skill - and you’re building it

Final Thought

If there’s one thing to take away from this episode: Put your savings in a HYSA. Let your money grow, not just sit there, and . Start building financial resilience one transfer at a time.