Article
3 MIN READ
5 Tips to Jump-Start Your Savings Plan
| By GreenPath Financial Wellness
It’s human nature. We’re all wired to meet our immediate wants, whether it’s indulging in a tempting bowl of ice cream, spending more time than we planned scrolling through social media, or treating ourselves to an impulse purchase. Unplanned expenses or emergencies are other common life events. A car or house repair, or even a weather-related emergency, can make a dent in our budget. Whether it’s the struggle of delaying immediate rewards for greater benefit in the future, or an unexpected expense, people looking to build a successful savings habit often run up against these very human challenges. To help manage these realities, here are five tips we suggest to jump-start your savings.
1. Build Your Budget To set yourself up for savings success, build a simple budget. Think of it as a road map that tells you exactly where you are in terms of monthly income and expenses, what money is available to save each month, and if you’re on track. A budget helps you monitor and track your financial progress. The most important part of your budget is updating and monitoring it regularly. Build it in a format that works best for you – using a smartphone app, spreadsheet or simple notebook. Keep it in an easy to find spot to track your income, spending and saving as you go forward.
2. Set SMART Goals The SMART acronym provides a strategy for reaching savings goals that are Specific, Measurable, Achievable, Realistic and anchored within a Time Frame. As an example, depending on your specific situation, perhaps you can tuck away $20 each week to hit an annual savings goal of $1,000. Measure your progress each week and modify as needed. By keeping it SMART, you will more likely achieve savings goals when bite-sized amounts are saved over a realistic timeframe.
You don’t have to jump-start your savings plan alone. GreenPath’s professional, caring financial coaches can work with you to create one. GreenPath also offers free debt and credit counseling. If helpful, a Debt Management Plan can lower your interest rates and fees, help you save money, and pay off your debt faster. Call 866-692-2659 to get started! This article is shared by our partners at GreenPath Financial Wellness, a trusted nation non-profit.
|
Sign up to hear more from us!
