March 26, 2012
By Katie Bryan, America Saves communications manager
It’s Cherry Blossom season here in DC, which lets me know that Spring has arrived. The weather is getting warmer and my winter coats are getting used less and less. It’s almost time to pack away all my scarves, hats, and coats in order to make room for baseball and soccer gear. It’s also a good time to do some spring cleaning of our finances.
Back in January we wrote a couple of articles about resolutions: Including one on sticking to resolutions and one on increasing your retirement savings by 1%. Well, it’s been three months since we made our resolutions and it’s time to take a look at how we are doing. You may find yourself in one of these situations:
I’ve set a goal and am saving automatically to reach my goal.
– Great! Saving automatically to reach your savings goal is the fastest and easiest way to save.
I’ve set a goal but haven’t set up a plan to reach my goal.
– Setting is a goal is an important step, now it’s time to make a plan. First, Cut down on your spending and reduce high-cost debt. Next, keep track of what you spend and make a budget. Finally, make your saving automatic.
I still need to make a savings goal.
– Still need some motivation to start savings? Last week we shared American Savers 2011 top saving goals and a poll on our Facebook page confirmed that saving for emergencies is at the top of the list.
Want to find if a ROTH IRA should be part of your financial spring cleaning?
Tomorrow America Saves is joining over 130 bloggers in the #RothIRAMovement. Not sure what a Roth account is? You’re not alone. Out friend Jeff Ross at Good Financial Cents recently gave some tips on saving at his alma mater and found that not one person had heard of the Roth IRA. Join us tomorrow to find out more about this saving strategy.