Set a Goal, Make a Plan, and Save Automatically for America Saves Week
America Saves Week is right around the corner, February 24 – March 1, 2014. The week is an opportunity for you to take financial action. That means you should get those finances in order, look at new ways to save, and open or add to your wealth building savings accounts, share accounts, work retirement plans, IRA accounts, and more.
Not sure where to get started? The America Saves Week theme Set a Goal. Make a Plan. Save Automatically. can help. Knowing what you want to save for, how to achieve it, and then making the savings process automatic will allow you to create and reach your savings goals.
Set a Goal
You can save more by having a goal in mind. Visualizing what you want to save for gives your savings a purpose. You may be tempted to withdraw from your savings if it has no purpose. But once you have a goal in place, you know that taking money out of your savings is taking away from that ultimate goal. So what are you saving for? An emergency fund, a home, retirement, a car?
Make a Plan
Once you have your goal in place, make a plan for how you are going to save. To start, cut down on your spending and reduce high-cost debt. Next, keep track of what you spend and make a budget. Once you know where your money is going each month, you can cut down on unnecessary spending and save the difference.
Don’t forget to keep your savings safe, secure, and growing. Banks, credit unions, and even the government offer a variety of financial products that can help you save.
It can be hard to put aside money for savings. But there is an easy way to save money without ever missing it. Once you know how much you can save, make saving automatic. This is how millions of employees save through 401(k) and other retirement programs at work. It is also how millions of Americans save at their bank or credit union.
America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.
- Written by Super User
- Category: Blog
- Published: 20 February 2014