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America Saves Week: 6 Ways to Save
February 24, 2020
America Saves Week is here – an annual reminder for us to commit to saving successfully. That means it’s time to review your finance and savings behavior. Take the America Saves pledge to set a goal and make a plan to achieve better financial stability!
Each day during America Saves Week focuses on equipping you with the tools and knowledge for saving. Follow along with us during the week on Facebook at facebook.com/centier.
Set it and Forget It
Take a “set it and forget it” approach to saving money. Saving automatically is one of the easiest and most effective ways to save. When you make saving automatic, you’re putting yourself into the best position to reach your savings goals. Choose the amount of money you want to automatically save weekly or bi-weekly and set up automatic savings. Even small amounts make a big difference over time!
You might have a goal, but do you have a plan for your savings? Savers who have a plan are twice as likely to save successfully. Set time aside for a financial health check-in and create a savings plan. Instead of simply saying, “I’m going to save $500,” create a plan for how you’re going to save the money. Check out Centier’s Money Management tool, which makes it easy to track all of your debit, credit, investments, loans, and other finances in one place to help you budget better.
Save for a Rainy Day
Did you know that 40% of Americans don’t have access to even $400 cash in the case of an emergency? It can be a bummer to wake up, walk out to your car, and find that all four tires need to be replaced. But it’s an even bigger bummer when you don’t have the money available to fix it. Unexpected expenses will only be a minor inconvenience when you have an emergency fund to take care of them.
Retire in Style
Save today so that you can be comfortable tomorrow. Do you know how much you need to save for your golden years? Preparing for retirement might seem like you can put it off but in reality, you need to focus on saving now to be adequately prepared. Here are some tips on how to make the most of your 401(k).
Need help preparing for retirement? We can help you understand your entire asset picture as well as make recommendations regarding your financial plan.
We talk about saving all the time, but one thing people don’t often realize is that paying down your debt IS saving! By actively reducing your debt, you’re saving on interest, which in turn saves you money in the long run. Commit to paying off a little more of your debt than you are currently. An extra $25 or $50 each month can help you become debt-free sooner than later!
There are two methods that are often used to help get rid of debt – the avalanche method and the snowball method. With the avalanche method, you work on paying off your highest rate loan first. With the snowball method, you start by paying off your smallest debts first. Find the method that works best for you.
Lead By Example
It’s important to make sound financial decisions and to pass that knowledge down to your children. Be creative and intentional about finding ways to teach your children about great money habits. It could be as easy as starting with a clear jar to save coins so your kids can see how saving a little each week adds up to a big return!
Want more tips on how to save more in 2020? Visit americasavesweek.org.