Monday, February 21, kicks off America Saves Week this year. The week is dedicated to bringing awareness and encouraging people to look at and make progress on their savings. By taking a proactive stance, more people may realize how simple it is to get started saving and may better plan for their future. Looking for ways to celebrate America Saves Week? Check out the simple tips listed below.
1. Estimate Your Needs for Retirement
Take the time to determine how much you may need to save to work toward your retirement goals. While most people know it is crucial to save for retirement, the task may seem impossible. Yet, setting the end goal and developing small goals to help get there may make the task less challenging.2
2. Increase Your 401(k) Contributions
If your company provides a match for your 401(k) contributions, consider increasing your contributions. You may get more with the company match and also help your wealth grow faster.2
3. Set-up Automatic Savings Transfers
Automate your savings by having money directly transferred to your savings without even having to move the money physically. Set aside a certain amount or percentage to be automatically transferred from your paycheck or checking account so that savings becomes a routine occurrence.1
4. Pay Down Your Debt
By paying down your debt faster, you may save a significant amount of interest that could be better used toward other financial goals. Start by increasing your monthly payment and roll that payment onto the next debt once it is paid off. Make sure to not accrue more debt in the process.1
5. Eliminate Expenses
One way to increase savings is by reducing the amount of money going out for your monthly expenses. Start by trimming down any expense considered superfluous, such as unused subscription services or memberships. Then look at areas where the cost may not be eliminated but might be reduced, such as phone and cable bills.1
6. Set Savings Goals
Set small savings goals for different milestones you want to hit. After completing one goal, make a new one. Savings should often be a constant process. Once you have saved for one item, you should consider the next biggest priority and increase your savings to work toward that goal. Make saving a habit that stays with you so that your financial situation may become more stable.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Investing involves risks including possible loss of principal. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by WriterAccess.
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1HOW TO CELEBRATE AMERICA SAVES WEEK, Beyond Everyday Banking, https://blog.safecu.org/how-to-celebrate-america-saves-week
2How to celebrate America Saves Week? With rap, of course., Money Management International, https://www.moneymanagement.org/blog/how-to-celebrate-america-saves-week-with-rap-of-course