Saving Early: Key to Successful Future

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,”

the Illinois State University junior said.

“I found out I wasn't always able to buy the things I wanted.” His parents introduced him to the concepts of budgeting, saving, and money management. He has taken that advice to heart and is now regularly saving.

Saving is important for young adults, Johnnie said. “As young adults, we don’t realize how much money we have our hands on because we’re constantly spending.” He said his parents taught him that “saving is a habit and it’s essential to living.” Those lessons were reinforced in the financial literacy classes Johnnie enrolled in through his school and business program.

Like most college students, Johnnie has to balance his needs and wants. To deal with temptation, he saves first prior to spending. He then makes a list of the things he needs and the things she wants and gives himself a budget for both. He also keeps $200 in a separate account, not in his checking or savings, in case of emergencies.

As part of his regular savings plan, Johnnie allocates money towards his short-term and long-term goals. One of his long-term goals is to purchase a house when he graduates. “Owning a house is part of my long-term financial plan, so I’m putting aside money towards a down payment now,” he said.

Realizing that saving is habitual, Johnnie says the best way to get started saving is to start small. “The best way to save is to pick a goal amount, such as a percentage or dollar amount, and save that out of every paycheck. Stick to your goal, rather than trying to save an entire paycheck, which isn't realistic,” he said.

 

Take the Pledge

Savers who make a plan are twice as likely to save successfully. 

Take the America Saves Pledge

Tip of the Day

  • Tip to #save when shopping: You can #save more than 10% by comparing prices at different stores.

Share Your Tip or Story

And if we feature you in our newsletter, you get $25.

Share

Saver Tips and Stories View all »

Saving With My Boys

When Kelly was a kid, she loved the picture book A Chair for My Mother by Vera B. Williams. In the story, a little girl lives in an apartment with her mother and grandmother. The little girl’s mother is a waitress and sole provider for their family. Together the family saves money by putting their change in a giant jar every day. They are saving for a big cushy chair for the little girl’s hard-working mother. Together with patience and diligence, they buy the mother a very comfy chair.

Read more...

Starting and Continuing a Personal Finance Journey

When Kiara Hardin, now a junior at Western Illinois University, became an intern with the Chicago Summer Business Institute during her sophomore year of high school, she began her personal finance journey. The program required participants to open a savings account.

Read more...

Inspired to Build Savings By Starting Small

With little-to-no money in the bank and living on a limited income with her adult daughter, Sharon wasn’t sure if building up savings for her future was even possible. “At my age, to put debts behind me would be a relief,” she said, but she wasn’t quite sure how to even get started with a savings plan. That all changed when Sharon attended the Great Lakes Michigan Saves Pay Yourself First Saver’s Summit during America Saves Week.

Read more...

Receive Updates

Take the Pledge

Start Saving

Receive Texts

Learn More

Partner News & Updates

Sign Up