Five Saving Strategies

1. Pay Off High-Cost Debt

The best investment most borrowers can make is to pay off consumer debt with double-digit interest rates. For example, if you have a $3,000 credit card balance at 19.8%, and you pay the required minimum balance of 2% of the balance or $15, whichever is greater, it will take 39 years to pay off the loan. With accumulating interest, you will pay more than $10,000 in interest charges.

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2. Save for Emergencies

Having an emergency savings fund may be the most important difference between those who manage to stay afloat and those who are sinking financially. Without an emergency fund, you may find that need to turn to high-cost credit cards or payday loans to cover the amount you owe. Borrowing from these types of lenders could make it difficult for you to payback your debt and save successfully.

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3. Save for Retirement

Saving now for retirement will ensure that you have enough money to live a comfortable lifestyle when you stop or reduce the amount of hours you work. You may be able to save for retirement through your workplace through a 401k plan or you can save on your own by putting money in an Individual Retirement Account (IRA).

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4. Save Automatically  Through a Monthly Transfer from Checking to Savings

These savings will provide funds for emergencies, home purchase, school tuition, or even retirement. Almost all banking institutions will, on request, automatically transfer funds monthly from your checking account to a savings account, U.S. Savings Bond, or stock mutual fund. What you don't see, you will probably not miss.

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5. Buy a Home and Pay Off the Mortgage Before You Retire

The largest asset of most middle-income families is their home equity. Once these families have made their last mortgage payment, they have far lower housing expenses. They also have an asset that can be borrowed on in emergencies or converted into cash through sale of the home.

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Tip of the Day

  • Written by Katie Bryan | November 21, 2013

    Still need a #gift idea? Here are some that will help others reduce #debt and #save more. http://ow.ly/r3ZaT 

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Saver Stories View all »

Saving Early: Key to Successful Future

Written by Katie Bryan | October 28, 2013

For Johnnie Lovett, a Young Illinois Saver, saving has been a habit since he was a teenager. “As a teenager, I was responsible for buying certain things with my allowance,”

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Another Dream Realized

Written by Tammy Greynolds | November 7, 2014

Mary Brown was already a disciplined individual when she came to Wisconsin Saves coordinator Wisconsin Women’s Business Initiative Corporation (WWBIC) in last summer. She had successfully completed her bachelor’s degree with the assistance of her husband and son, and was now ready to tackle her next big dream – homeownership.

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Taking Steps toward Financial Fitness

Written by Tammy Greynolds | November 7, 2014

Nicky Vasquez learned about Virginia Saves when she attended her first class with Bank On Virginia Beach. The instructor shared how important it was to have a written savings goal, and the entire class joined Virginia Saves as the first step toward financial fitness.

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