There are many, many people living paycheck to paycheck and paying down debt, who feel that saving is an impossible goal. If you are one of them, you are not alone. We’re here to help show you how to turn impossible into possible through simple, small steps.
Think It Through
If you get paid on a regular basis, or if you know when some form of income is headed your way, stop to think about what is in your account today, and what will be in it tomorrow. Can you move even a small amount from your money management account (generally checking) into a savings account (your general savings or a specially designated one)? 99% of the time, the answer is yes!
Small Moves Can Add Up
Here’s an example. It’s Thursday night, and you get paid Friday morning. Do you need all the money in your checking account available while you sleep? Move a small amount you are comfortable with into savings. Even just $10 to start. If you do this the night before each pay day, it becomes a habit. Not every pay period may be the same. You may make more or less, and you may have fewer or more bills due. That’s okay; your amount can change as long as you are moving some and setting it aside. See if you can do $25, or maybe only $5 this week, that’s okay! It will all start to add up.
Possibilities
Once you have some funds saved, you can determine what to do with them. Can they help you make an extra payment on a credit card or loan you are trying to pay down or off? Can the funds help with something special you want that you can now afford? Or, can they be moved into a higher-earning account. Remember that your money can make money itself (earn interest or dividends) while sitting in a financial institution.
Saving is possible when you start small and build good habits.
Live Smarter
For more tips on saving money and managing your finances, our friendly Financial Service Representatives are here to help. Call us at 315-735-8571 to create a personalized savings plan that fits your unique needs and goals.
Bring This Session To A Live Setting
If you would like to schedule our Community Educator for a seminar or workshop for any Financial Friday educational topic, please email your request to FinancialEducation@fsource.org
Interested in learning more? There are also additional resources which have been created specifically to help you gain financial freedom. Feel free to use these anytime.