Your Finances, Your Future - Strategies to Help You Save

The first step to saving money is to set a goal – whether it is establishing an emergency fund, buying a car or house, or getting out from under your debts. Then make reaching that goal a priority and map out your strategy for achieving your objective. Increase your savings by opening a savings account that pays interest, so your money makes money.

TIPS:

• Pay yourself first. Set an amount and have it automatically transferred from your checking account into an interest-bearing savings account. Saving $20 a week for one year will add up to $1,040, plus interest;
• Pay off high-cost debt. The best investment you can make is to start paying off credit cards with double digit interest rates;
• Participate in a work-related retirement program. Many employees turn down free money from their employer by not signing up for a work-related retirement program such as a 401(k).

TOOLS:

• Online savings class. There are many tools available online that can help you be smart with your money. Signup for a free online savings class;
• Saving on a tight budget. Whether money is always in short supply, or you are facing an unexpected expense, you aren’t alone in dealing with tight budgets. Check out some tips for getting through those tight spots;
• Earn interest on your savings. Growing your money is a smart way to increase your savings, or save for a specific purchase. Calculate how much interest you can earn on your savings.

TRAPS:

• Easy access to your savings. Stuffing your money under your mattress or “hiding” it at home will tempt you to spend it. Sock those savings in an interest-bearing bank account;
• Not recording your expenses. Failing to keep track of every penny you spend adds up to lost dollars. Keeping track of your expenses will help you identify spending you can cut, and help you stick to your budget.

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