This America Saves Week: Set a Goal. Make a Plan. Save Automatically.
The theme for America Saves Week 2013 is more than just a theme; it’s the essence of a sound approach to savings, designed to help individuals take financial action. Set a Goal. Make a Plan. Save Automatically. Knowing what you want to save for, how to achieve it, and then making the savings process automatic will allow you to reach your savings goal.
Set a Goal
You can save more by having a goal in mind. Visualizing what you want to save for gives your savings a purpose. You may be tempted to withdraw from your savings if it has no purpose. But once you have a goal in place, you know that taking money out of your savings is taking away from that ultimate goal. So what are you saving for? An emergency fund, a home, retirement, a car?
Make a Plan
Once you have your goal in place, make a plan for how you are going to save. To start, cut down on your spending and reduce high-cost debt. Next, keep track of what you spend and make a budget. Once you know where your money is going each month, you can cut down on unneeded spending and save the difference.
Don’t forget to keep your savings safe, secure, and growing. Banks, credit unions, and even the government offer a variety of financial products that can help you save.
It can be hard to put aside money for savings. But there is an easy way to save money without ever missing it. Once you know how much you can save, make saving automatic. Many employers allow you to divide your paycheck into different accounts through direct deposit. Take advantage by putting part of your pay into a savings account. If you get paid in cash, take a small amount to the bank to deposit into a savings account each week.
We welcome your comments if you are 13 or older, and hope that our conversations here will be polite. You are responsible for the content of your comments.
We do not discriminate against any views, but may delete any of the following:
- violent, obscene, profane, hateful, or racist comments
- comments that threaten or harm the reputation of any person or organization
- advertisements or solicitations of any kind
- comments that suggest or encourage illegal activity
- multiple off-topic posts or repetitive posts that are copied and pasted
- personal information including, but not limited to, e-mail addresses, telephone numbers, mailing addresses, or identification numbers
In short: be nice and add to the discussion. If you continually violate this policy, we may limit your ability to comment in the future. If you have any questions or comments about this policy, please e-mail us.