The week of February 22-27, 2016 is America Saves Week. It is a national effort to promote good savings behavior and encourage individuals to assess their own saving status.
It can be hard to put aside money for savings when we can be overwhelmed with our expenses. Savings can help you be better positioned when emergencies or unexpected costs arise. Or, maybe you have been dreaming about taking a family vacation or are planning ahead for college or retirement. The time is now to start putting money away for your savings goal. Even if it is a small amount to get you started.
Here are some tips to help you meet your savings goal:
- Set up an automatic transfer of a specified amount of your monthly income into a savings account. Most employers who offer direct deposit can get this set up for you.
- If you do not have access to direct deposit, check with your financial institution to see if they have the ability to do automatic transfers to a savings account on a regularly scheduled basis.
- If you have an established 401(k) or other retirement program, you are already working towards your goal. If you have the option but have not started a retirement savings, this is the time to follow through with it.
- Another option to begin saving for retirement is with myRA. It is a new retirement savings account from the United States Department of the Treasury. It costs nothing to open, has no fees and you contribute what fits in your budget. Visit myra.gov for more information.
- Saving for retirement can lower your taxes.
- A tax refund can provide an opportunity to improve your financial situation. Consider the 30-40-30 plan—30% towards catching up on outstanding bills or paying down debt, 40% for current use, and 30% to jump start an emergency fund or longer term savings.
To learn more, visit http://www.americasaves.org or contact Janell at the Chouteau County Extension Office at 622-3036 or janellb@montana.edu.
Montana State University, US Department of Agriculture and Montana Counties Cooperating. MSU Extension is an equal opportunity/affirmative action provider of educational outreach.
