Saver Story: Set a goal, make a plan!
America Saves believes that saving money starts when you set a goal and make a plan to reach it. Putting your goals at the forefront of your savings journey makes it easier to visualize and focus on what you're saving for. That's why we chose Shannon as our Saver of the Month! Her approach to saving for her family’s dream home is a great example of how #ThinkingLikeASaver can look different for everyone but has great payoffs and rewards.
Shannon and her husband have been saving to build a new home and are finally starting construction this month! Their goal is to put down 20-30% so that they can continue their current lifestyle and have a similar housing payment as they have now.
As they prepare to become homeowners, they’ve adapted the envelope strategy to fit their rather unique needs. They have 14+ savings accounts! They chose this method because it's what works for their family. Having everything categorized makes it easier for them to stay on budget.
While they are putting all they can into a down payment fund, they are continuing to contribute to other accounts that will allow them to enjoy doing the things they did before building a new home.
We asked Shannon to share a few of her tips with our community:
Shannon’s #1 Savings Tip: Have separate savings account for every financial category of your life: rent, vacations, groceries, etc. Having a separate account designated for these funds makes it simple to know exactly how much you can spend at the grocery store or if you have enough money to go out to eat.
Savings Tip #2: Be engaged with your spending. So many people are uninterested in really breaking down their finances, but continue to overspend and wonder where it all went. Sometimes, this is simply being disengaged from your finances and even your bank account. Don’t be afraid to log into your account a few times a week. You’ll begin to notice big and small changes that can be made to improve your budget.
Shannon encourages everyone to find a goal that they are passionate about and then create a budget and a plan that will allow you to achieve that goal. This will force you to be in tune with your finances and maybe (hopefully!) get excited about it!
Are you ready to reach your savings goals? Take the America Saves pledge, and we’ll provide reminders, resources, and tips to help guide you on your savings journey.
- Category: Saver Tips and Stories