Tag Archives: direct deposit

America Saves Week: Make Your Savings Automatic

27 Feb

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Saving money can be hard to do after taking care of bills, groceries, and general living expenses. This is even harder when your idea of saving money is by counting what’s left over in your checking account after paying those monthly expenses. It’s likely you will probably just spend what’s left on a treat for yourself the next month.

ASW Automatic Savings txt.jpgWhile this saving method might work for the rare individual, for most of us we really don’t think about our spending as long as our account stays above a certain number we’ve arbitrarily designated.

The easiest way to create savings and counter our instinct to spend without worry? Save your money automatically.

Saving your money automatically, or as some call it “Pay Yourself First”, is a way to siphon off part of your paycheck every time you’re paid and put it into a savings account before you do anything else. The concept is simple and doing it is quite simple too depending on if you are paid via direct deposit or paycheck. Note: Both of these methods require opening a second bank account if you don’t already have one!

  • Direct Deposit: Let whoever is in charge of your payroll know you want to add an account for direct deposit. You will need your savings account’s routing number and account number to do this.
  • Paycheck: When you go to deposit your check, you will have to let the bank teller know you would like to deposit some into your savings and the rest into checking. It may not be “saving automatically” this way, but it’ll work better than the old method.

Now that you have started saving you’ll soon join the less-than-50% of Americans who can survive for more than one month off their savings. The key to this is not only putting money into savings, but not pulling it out right away. A savings account does no good if you can use an app on your phone and be 3 clicks away from having it right back in your checking account.

Don’t make it easy to steal from your savings!

If your savings are just a few clicks on an app from being transferred and spent, consider either making it more difficult to access or making yourself wait three days between any plan to withdraw and actually doing it. This should help limit knee-jerk reactions to withdraw and give you time to properly plan how to use your funds.

While saving money isn’t the most intrinsically rewarding thing you can do, you’ll be glad one day that you put away a small portion of your pay rather than making a couple of extra fast food runs a week.

Financial Aid February: Securing Your Aid

16 Feb

As the semester approaches, you will need to finalize your financial aid to guarantee your Purdue bill gets paid on time. If you haven’t already, you’ll need to go into your myPurdue account and accept your financial aid.

What are my responsibilities to keep my financial aid?

Double-check that all requirements are complete.

Check for any red flags on your myPurdue account and check that all expected aid is crediting to your Purdue invoice.

Confirm your enrollment.

On your myPurdue account, under the “Financial” tab, click on “Confirm your enrollment for the coming semester.”

You need to do this before each semester. By confirming your enrollment and accepting fees you are acknowledging your financial obligation to pay — by the due date — any tuition, fees, and housing charges assessed and billed to your student account.

Check the following if you are unable to confirm your enrollment:

  • Are there holds on your account?
  • Did you apply for and accept financial aid?
  • Are you enrolled in enough credit hours? E.g. You are enrolled in 9 hours, but your financial aid is set up for 12 or more.
  • Do you have outstanding Financial Aid requirements on myPurdue?

Keep up on requirements for merit scholarships.

The Trustees and Presidential scholarships do renew automatically, but have criteria required in order to do so:

  • Continuous full-time enrollment (12+ credits each fall and spring semester)
  • Having at least 30 credits completed at the end of each year (30 for freshmen, 60 for sophomores, 90 for juniors), transferred credits count toward this amount
  • Maintain a 3.0+ GPA

Direct where to send your refund.

You can sign up to have a Direct Deposit for your financial aid refund via myPurdue. Otherwise, refund paper checks will go to your local address listed on your myPurdue account. Parent PLUS refunds can be sent to you or your parent, depending on what is indicated on the Parent PLUS Loan application.

Expect to receive your refund no earlier than one week before the first day of each semester. Plan your textbook purchases and rent payments/deposits accordingly.

Waiting on your refund? Check out some factors that may be delaying its arrival.

Sign up for the Bursar installment plan or make one payment up-front.

If there is a remaining balance on your Purdue invoice that you plan on paying out-of-pocket, you will need to sign up for an installment plan or make a full payment before the first day of the semester.

We have some suggestions if you need assistance covering remaining costs.

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