Simple Saving Tools and a 52 Week Savings Challenge
Ask your neighbor how much he is saving and most likely his response will be “Not enough”. While most of us agree saving a percentage of our money is a good idea, for many it seems impractical as bills seem to pile up, loans are due and retirement seems very far away. As you begin a savings plan, the key is not to set lofty goals that overwhelm you, but to regularly set aside small amounts that add up over time. The emphasis is on “regularly”. There are several easy steps you can take to make this happen so it is automatic and you do not have to think about it.
- Split your direct deposit. When you get paid, have a portion of your paycheck go directly into a savings account.
- Set up an automatic transfer into a savings account. If direct deposit is not an option, you can easily set up an automatic transfer on a regular basis from your checking to your savings account within online banking. Check out the How To in this newsletter.
- Pocket your fuel savings. With gas prices lower, calculate what you used to spend on gasoline compared to what you are paying now and put that money into savings. That extra $15 per fill up can add up quickly.
- Delink your savings account from your ATM card. This eliminates the temptation to withdraw money from your savings for small purchases.
- Up your 401K contribution by 1%. You will quickly forget the extra amount taken from your pay, but the increase will add up for your future.
- Take the 52 week savings challenge. Start with just $1 in week one. By increasing the amount saved by just $1 per week, in 52 weeks you will have accumulated almost $1400! Learn more.
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