Making Family Savings Happen
By Dr. Suzanne Mayo-Theus, VP of Institutional Advancement, Wiley College
Many parents want to start saving, but aren't always sure how to start.
Here are my favorite five ways for families to save:
- Prepare a realistic budget and stick to it. Start small, but think big!
- Don’t look back at your mistakes with money. Look ahead and think positively.
- Be patient with your saving habits. Write down each day what you spend. Review your expenses regularly and see where you can cut down. Make an assessment of your income and expenses, see where you are now and where you can go in 3, 6 and even 12 months from now.
- Put all excess change in the bank, starting with a jar in your room. Each day try to put change aside and encourage your family members, including children to put their change in a piggy bank, too.
- Contribute pre-tax dollars to your 401(k) or 403(b) plan. You will not miss money you cannot see.
Also consider adding an additional source of income. Determine what you are good at and do it well, or even start a small business.
Contribute consistently, however you can, and you will see your savings grow!