America Saves Week 2024 | Five Tips from our Financial Advisors
America Saves Week 2024: April 8th- April 12th
This year’s theme for the week is “Saving for What Matters Most” and each day of the week focuses on a different saving related topic.
This year marks the 17th annual America Saves Week. Every April since 2007, one week is dedicated to motivating Americans to take control over their future, their finances and educate them on the power of saving money.
Check out these five tips to help integrate saving money into your everyday routine:
Automate Your Savings
Take advantage of today’s technology by setting up automatic transfers into your savings account or by splitting up your direct deposit. That way, your money is already allocated before you have an opportunity to spend it.
Build an Emergency Fund
When establishing your emergency fund, it is recommended to have three to six months of living expenses saved to combat any unexpected financial events. Unexpected events could happen at any day and to anyone. Being prepared for such an event will reduce the impact on your financial strategies and goals.
Set Clear Goals
What do you want to save for? How much can you afford to save? Whether it be paying off debt, buying a house, or building up your emergency fund, it is key to establish specific and achievable goals to help you along your saving journey.
Create a Budget
Creating a budget to track your income, expenses, and savings will help guide how you spend your money. It highlights where you can cut back spending and allocate that money elsewhere. One example for this would be a savings account.
Take Advantage of Employer Benefits
If your employer provides a 401k or any other retirement savings plan it is key to take advantage of it as soon as you can. The power of compounding interest cannot be overstated. We recommend you contribute enough to maximize any employer match. If you don’t, you are essentially leaving money on the table that would otherwise increase your long-term savings.
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Be sure to join the rest of America from April 8th through the 12th to learn tips and tricks on how to save. Discover the impact of saving and how it could enhance your life!