Resolve to Take Control of Your Finances in 2021

Author

Michael W. Kahn

Michael W. Kahn

Nacha

With the holiday season in full swing chances are Direct Deposit isn’t top of mind. Understandable, but before the new year rolls around you should give it some thought.

First, it’s worth looking back at 2020, even though for some of us it wasn’t the greatest year. But there are lessons to be learned from the adversity many experienced.

The pandemic is an unusual event, to say the least, but look what happened. How many of us know someone who felt the economic impact, be it a friend who lost a job, or the folks at a favorite eatery that shut? Hopefully they’re managing, but it gives reason to ask: Are you prepared if you found yourself in such a situation? 

Even if it’s something less dramatic—an expensive car repair, or major appliances that need replacing—do you have the savings you need? That’s where Split Deposit comes in. It’s just what it sounds like: Each payday, your employer can split your Direct Deposit to put some in savings. Dedicate a fixed amount or percentage for savings, and you’ll soon have a tidy sum set aside for an emergency.

Looking ahead to 2021, with so many of us now in the midst of open enrollment at work, it’s a great time to think about getting started with or making changes to Split Deposit. For many, that means setting it up, while for others it might be time to evaluate whether you’re earmarking enough to savings. Crunch the numbers to see if you can save even a little more and remember that saving automatically is the easiest way to go about it. 

Another way to improve your financial life next year is to have more of your payments made automatically. Whether it’s mortgages and other loans, utilities, donations, subscriptions and other monthly charges, using Direct Payment with ACH to “set it and forget it” means you won’t be late with payments, and you’ll leave paper checks behind.

Finally, as our financial lives increasingly move online, sadly, the scammers are following. Keep a sharp eye on all of your accounts, and never give your financial information unless you’re sure it’s a trusted source. 


During a recent Twitter Chat Nacha addressed Direct Deposit and preparing financially for 2021? > Learn More