Author: Deborah Goodkin, Managing Director, Savings Plans, First National Bank of Omaha
No matter what stage of life you’re in, it’s probably a busy one. It can often be easy to get caught up in the hubbub of the everyday, and forget to keep the big picture in mind.
But National Simplify Your Life Week is a reminder to do just that – take a break from all the commotion, evaluate your options and use the features and tools Enable offers to make life a little easier. Taking a moment to focus on your Enable Savings Plan account is a great way to start. In fact, our team works year-round to provide Account Owners with an intuitive and robust savings plan.
Ready to simplify your savings? Read on for a checklist of tools that every Account Owner can use.
1. Know How You Can Spend Your Savings
Funds in your Enable account can be used for a wide range of categories that extend beyond medical expenses, including paying for education, housing, financial management and even buying a service dog.
Factoring these qualified expenses into your savings goals can greatly simplify financial planning, allowing you to anticipate your expenses accurately while getting the most out of your savings. Not sure if something qualifies? Visit: https://secure.ssa.gov/poms.nsf/lnx/0501130740 for a more comprehensive list.
2. Automate Your Contributions
One of the easiest ways to simplify your savings is to automate your contributions.
The Automatic Investment Plan, or AIP, is designed to help Account Owners save no matter how busy life gets. It allows you to set up automatic contributions to your Enable account directly from your personal checking or bank savings account – ensuring you never miss a contribution. Contribute monthly, weekly or even on specific days.
Account Owners can also make automatic contributions to their Enable account from their paycheck through payroll direct deposit of after-tax dollars. Check with your employer to determine whether they offer this option. The ABLE Act permits working Account Owners to contribute their earnings beyond the $15,000 annual contribution limit.
3. Withdraw Systematically
There are numerous ways to withdraw funds for qualified disability expenses, but one of the simplest is through the Systematic Withdrawal Program. This feature allows you to systematically send a pre-determined dollar amount to an individual or company each month. For example, you can set up Systematic Withdrawal to pay for monthly rent. Each month Enable will automatically send your landlord your rent payment. It’s that easy. Not only does this take one item off your monthly to-do list, it also helps solidify your budget and savings allocations, so you always know these expenses will be covered.
4. Save With Friends and Family
Did you know that anyone can contribute to your Enable account (family members, friends, the beneficiary themselves)? Gift contributions are a quick and easy way to involve close friends and family in your savings journey.
For your next birthday, holiday or other special occasion, encourage loved ones to give the gift of savings with these simple tools:
Through Ugift, your Enable account is assigned a unique code that close friends and extended family can use to quickly and easily make contributions using a check or electronic transfer. Unlike many other gifting programs, gift givers don't have to join, register or pay a service fee, and they don’t need any additional information about your account.
With a gift certificate contribution, loved ones can fill out and mail a contribution coupon to Enable, and download and print a card from Enablesavings.com to give for the occasion.
This National Simplify Your Life Week, we encourage you to take advantage of the varied and accessible tools that Enable offers to simplify your savings. If you have any additional questions regarding your account or these Enable tools, please reach out to the Enable team at 1-866-833-7949 or firstname.lastname@example.org.