|
 Dear Friend,
January is a wonderful time of year! It feels great having 12 fresh months ahead of me to explore exciting new opportunities and achieve new goals.
If one of your 2015 goals is to build your savings, congratulations. Shoring up your financial security is one of the best investments you can make for your long-term peace of mind and well-being. To speed your way, tap into these 7 surefire tips. And remember, no matter what amount you choose to save each week or month, your key to success is simple: begin now and stick with your commitment. This time next year you'll be thrilled with your results!
Start small. Concerned about saving? Keep a change jar (it's amazing how quickly loose coins add up to a significant sum), or put $10 or $20 from every paycheck into your savings account. Watch your savings grow and you'll soon be motivated to save more.
Pay yourself first. Each week or month, before you're tempted to spend, put money into your savings account. To make it easy, use direct deposit or automated transfers.
Start an emergency savings account. If you missed a day of work or had a flat tire (or worse, lost your job) could you still pay your bills without borrowing money or raiding your retirement account? To keep your financial and emotional health in balance, create an emergency savings fund equal to 2-6 months or more of living expenses.
Reduce expenses and comparison shop. Do you have automated subscriptions or memberships you never use? Cancel them, and comparison shop for big ticket items. Savings from these sources can be huge.
Turn a debt payment into a deposit. When you finish paying off a debt, like a credit card bill or car payment, put that amount (or even half) into savings each month. Your cash flow remains the same but now you'll be earning interest.
Preserve, don't spend, a financial windfall. If you receive an inheritance, insurance payment, work bonus or tax refund, immediately deposit it into savings or an investment account. That way you can consider the wisest, most rewarding use of your good fortune.
Save for long-term goals, including retirement. Save for purchases rather than using a credit card and save big on interest. And if your employer matches a portion of your payroll contributions to a tax-advantaged retirement savings plan, it's like getting free money — don't miss out!
Wondering how best to implement these tips? Call or stop by, and one of our friendly employees will answer your questions and will coach you along the way.
Have a fantastic 2015 and hope to see you soon!
Pam Days-Luketich
Community Education Specialist
|
