Each payday I have some money deducted from my paycheck to buy a U.S. Savings Bond. I’m used to having savings bonds arrive in my mailbox, but in September there will be a change for federal employees, and in January the change happens for everyone else. No more paper savings bonds through the payroll deduction program.

The payroll deduction program will still exist, but it will be an online savings program. Don’t worry, not all paper bonds are being phased out now. You can still go to the bank and buy a paper savings bond for your grandkids.

I don’t know why, but this feels like a big change. I guess I’m really used to having paper savings bonds. Then again, I’m no stranger to direct deposit. I gave up on paper paychecks and pay stubs years ago, and it’s really been ok. What makes me even more motivated to embrace the change is that when the U.S. Treasury ends the paper payroll savings program, they expect to save $50 million over five years. If we can save that kind of money, I can surely do without a little piece of paper.

So how do you get into the online payroll savings program? Just visit TreasuryDirect and set up your account.

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