If your car breaks down or you have a huge, unexpected medical bill, you’ll have an emergency fund to cover the costs.
If you save for retirement, you’ll have enough money to meet your needs without stress.
America Saves Week Feb. 21 to 25 is a time to do a financial check to get a clear view of your finances. Its focus is building financial resilience.
Save automatically. Savings is a habit, not a destination. The easiest way to make savings a habit is through setting up automatic savings.
Save for the unexpected. The unexpected can be an emergency, but it can also be something fun and positive. Create an opportunity fund so that you don’t have to miss out on special moments, events, and things that mean a lot to you.
Save for retirement. Your future self will thank you. Saving for retirement needs to be a priority. You can find out the different options available for retirement savings. With a plan, your family can reach retirement goals.
Save by reducing debt. As you pay down debt, the benefits include increasing your credit score, saving money on interest and fees, and gaining more income to allocate to meet your needs. In addition, you’ll be able to reach major goals, such as buying a home.
Save as a family. Kids need to be equipped with the tools and building blocks of personal finance. For kids to become financially confident adults, they need to think like a saver from a young age, have age appropriate money conversations, and understand the building blocks of financial stability such as owning an account and using direct deposit.
Check the America Saves website for an organization in your area that can help you make a plan to reach your financial goals.