You work hard to earn a living, but if you’re like most Americans, your salary barely scratchhow welles the surface of what you need to live comfortably. Ultimately, sustaining a decent lifestyle boils down to how well you utilize your income. The only problem is affording monthly expenses, leisurely splurges, unexpected emergencies, and future goals. That’s where financial management practices like saving become crucial.
The Hardships Of Saving
A dollar simply doesn’t go as far as it used to these days, which makes saving quite the challenge.
Experts recommend putting at least 20% of your income aside to cover the cost of things you need now, in the future, and unforeseen circumstances.
Yet, how is that possible on a limited budget? Although accomplishing your savings goals on a low-income salary won’t be easy, ONE can make it more manageable.
What Is ONE?
ONE is a financial agency established in Sacramento, CA, that offers banking and credit solutions for consumers nationwide.
ONE’s customers have access to products including checking accounts, savings, lines of credit, and credit builders, creating the opportunity to maximize their salaries more efficiently.
How Does ONE Help You Save?
On the surface, ONE might sound like any other virtual bank or financial agency. How can becoming an account holder make it easier to save money?
Let’s take a closer look at what separates ONE from the rest.
Pockets Provide A Clear Picture
Account holders can deposit funds into their ONE account using an outside funding source like a bank account, a check (using our mobile check deposit feature), or through direct deposit.
Once you’ve deposited the cash, you have access to pockets or “sub-accounts” to divvy up your funds according to your spending needs and savings goals.
When you have a clear vision of where your money is going, you can find more efficient ways to eliminate unnecessary spending and increase your savings.
You can start with the Spend, Save, and Auto-Save pockets and create additional pockets to cover everything from rent and utilities to emergencies and future needs.
The best part is, you can share pockets with others.
Earn 3.00% APR With Save And Auto-Save Pockets
While traditional banks offer an average of 0.06% on savings, customers with a ONE Save and Auto-Save pockets receive 3.00% interest.
That’s a big difference when you’re trying to hold onto every penny. You can put a few bucks in the Save pocket whenever you have some extra cash.
The Auto-Save pocket, on the other hand, allows you to automatically deposit between 1 to 10% of your income every pay cycle.
ONE’s card Auto-Save feature allows you to save even more by rounding up your card purchases to the nearest dollar and putting the change in savings.
It’s an easy way to set aside more money every month.
Avoid Fees With Overdraft Protection
There’s nothing worse than having a payment hit that’s more than what’s in your account.
Insufficient fund fees can cost as much as $35 per transaction, setting you back even further. ONE offers overdraft coverage up to $200 for free to eligible customers.
Not to mention, you can easily transfer money from any of your pockets to cover the cost of an unexpected expense, avoiding those hefty overdraft fees.
Having insufficient funds isn’t your only concern as an account holder at a traditional bank.
Customers also get hit with monthly maintenance, ATM, foreign transaction, wire transfer, minimum balances, and other fees, draining their incomes further.
At ONE, customers don’t have to worry about traditional banking or hidden fees, which can save them a few extra bucks each year.
Saving money helps you afford financial responsibilities, survive in emergencies, and generate wealth.
Unfortunately, limited salaries and high cost of living expenses make it harder to set money aside. Although there are several strategies to boost your savings, becoming a ONE customer can help you keep more money in your pocket.
Features like pockets and overdraft protection, along with fewer fees, assist customers in accomplishing their savings goals and creating a more secure financial future.