The theme for Military Saves Week 2013 is more than just a theme; it’s the essence of a sound approach to savings, designed to help individuals take financial action. Set a Goal. Make a Plan. Save Automatically. Knowing what you want to save for, how to achieve it, and then automating the savings process will allow you to reach your savings goal.
Set a Goal
You can save more by having a specific goal in mind. Visualizing what you want to save for gives your savings a purpose. You may be tempted to spend 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? Go viral with your savings goal! Take a photo of your goal and post it on our Association’s Facebook page or tweet it using the hashtag #MSW2013.
Make a Plan
Once you have your goal in place, make a plan of 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 unneeded 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. Use an allotment or automatically transfer a portion of your paycheck into a savings account.
We want to hear from you! Have you already set a goal? Made a plan or budget? Do you save automatically? Share what has worked for your family.