Do you imagine yourself owning a nice house on a beach? If so, you’ll need to prepare yourself financially. Start thinking about the kind of lifestyle you’d like to live after you stop working or reduce the number of hours you work. If you’re under the age of 50, you have plenty of time before you retire. Here are three retirement planning tips to keep in mind: 1. In fact, the sooner you begin planning, the better off you’ll be.
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Speaking of putting your goals in a place you’ll see them, feel free to download and print the “ 7 Steps to Start Your Savings Journey” and put it in a place where you’ll see it often.Ĭongratulations on your new savings journey! The team here at America Saves is here to support, encourage, and help you with accountability.It’s never too early or too late to start planning for retirement. Visually seeing your goals gives you constant triggers that help you not only stay on track and but to review your progress, as well. Put your savings goal somewhere visible, where you’ll see it often. That doesn’t mean to take financial advice from everyone explicitly, but talking about your goals definitely helps.Īnother exercise you can do to support your new savings journey is to create a self-tracking tool. However, studies have shown that people who talk about their finances with others they trust are more successful at saving.
Somewhere along the way, talking about your finances became taboo. Once you’ve determined what other short-term and long-term savings goals you have, take the America Saves pledge for a new category to continue the receive tips, support, reminders, and tools to help you achieve your new savings goals. Be sure to include that America Saves referred you. America Saves has teamed up with the Yellow Ribbon Network working in conjunction with AFCPE, to provide financial coaching and counseling at ZERO cost to you! Take advantage of this incredible offer while it’s available by clicking here. Since the onset of Covid-19, there are several resources available where the cost is currently waived.
One thing to consider when getting clear on your finances is to speak with a qualified financial professional. Once you have a clear view of your finances, you can determine where to make changes and what else you should be saving for based on your financial goals. Get Clear On Your FinancesĬreate a Spending and Savings Plan that allows you to see your income, expenses, and anything leftover easily. Utilize America Saves resources to see the different options to pay down debt. When you reduce your debt, you save on interest and fees while maintaining or improving your credit score! Create a debt reduction plan that works best for you. The easiest way to save is to save automatically! Contact your employer to set up a direct deposit into your savings account each pay period or set up an automatic transfer from your checking account to your savings account at your financial institution. If you don’t have a savings account, now’s the time! Ensure your savings account is federally insured with a reputable financial institution with no fees (or low fees). The America Saves Pledge is a tool that helps you make a simple plan to meet your savings goal while offering you long-term accountability and support along the way. Now that you’re committed to saving, it’s time to consider how you’ll achieve it. Once you’ve reached that goal, it will be easy to continue! Step 2. Start small and think big by setting a goal of a $500 rainy day fund. Unexpected emergencies often sabotage our financial goals, so getting in a savings mindset and building an emergency fund is crucial. 7 Steps to Start Your Savings Journey Step 1. In fact, we’ve learned that there are SEVEN key phases or steps to starting your savings journey and being successful. The truth is that we can ALL be great at savings! You have to start small, think big, and create a reasonable plan and recognize where you are in your journey. Or like you’re giving up something concrete for something more elusive. There’s ALWAYS something to save for, but if you aren’t naturally “good” at savings, the idea of saving money can be daunting.
If you have emergency savings, you may want to start saving for a home, retirement, or education. If you have little to no savings, you’ll want to start saving for emergencies.