IN THE KNOW
SAVING FOR WHAT MATTERS MOST
APRIL 11, 2024 | FINANCIAL WELLNESS
It’s America Saves Week! Each year we encourage our community to use this week to do a financial check-in and commit to saving.
We all have unique circumstances and for some it may seem difficult or nearly impossible to save successfully at this moment. No matter where you are on your financial journey, it is important to have a roadmap for the future. America Saves Week is the perfect time to get a clear view of your finances, set savings goals, and create a plan to achieve them.
This week we’re focusing on five key elements of successful saving:
SAVING AUTOMATICALLY
A great place to start building your financial confidence is to set up automatic savings. When you are saving a dedicated amount of money every week, month, or another regular interval, you can begin to feel a sense of control over your saving habits. You can split your direct deposit income to send a set amount to a savings account or create an auto transfer through your financial institution.
Saving automatically helps you establish the habit of saving and reach attainable milestones on the path toward your savings goal.
SAVING FOR THE UNEXPECTED
The best way to protect the money you’ve saved toward your goals is to prepare for the unexpected. Many of us have experienced the disappointment of having to dip into designated savings or rely on credit to pay for an unexpected expense. Establishing an emergency fund can help you be prepared for unexpected events and protect your other savings. America Saves Week has tips and guidance to help you get started: .
SAVING FOR MAJOR MILESTONES
Saving for competing priorities like homeownership, retirement, and education can feel overwhelming. To get there, you can break these big goals down into reasonable, practical steps that work for your current situation. With a little planning and focus, you can create a plan that allows you to save for major life milestones without abandoning your other financial needs or wants.
PAYING DOWN DEBT IS SAVING
Paying down debt is an essential component of saving. The burden of debt can hinder your ability to save for emergencies and remain financially stable. Though it may seem far away, the hard work you put in now toward paying off debt will help you reach your savings goals for the future.
It can be hard to know how to prioritize debt payments and when to focus on debt, savings, or current expenses. This podcast from America Saves Week can help you create a clear plan: .
SAVING AT ANY AGE
Talking about money with your family is important. Talk to family members – from kids to older generations – about your money story, goals, the importance of saving, and using credit wisely. Openly discussing these topics can help young ones build financial competence and help protect older family members from fraud and abuse.
America Saves Week offers lots of resources to help you tackle your savings goals with confidence. Visit their website to get started and take the America Saves Pledge to create a savings plan and receive tips, reminders, and nudges along your savings journey: .
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