MFS Connections - Issue 7 - Fall - Winter 2020

4 REPURPOSE YOUR SAVINGS SET UP AUTOMATIC PAYMENTS If you were able to save money last year, create a plan for it. By allocating the money you saved, you’ll be motivated to stay on track with your goals for the rest of the year. Setting up automatic bill pay can save you money. Missing payments lead to unwanted fees but putting bills on autopay means you don’t need to keep track of due dates or remember to mail checks or make online payments. SET FINANCIAL GOALS Meeting your goal requires setting financial priorities. Maybe you want to establish an education fund for your children or increase your student loan payment. Whatever your financial goals are, try splitting this list into long- term and short-term goals and give them priority. BUILD AN EMERGENCY FUND You’ll breathe a little easier knowing you have $1,000 saved up for a rainy-day fund. Consider making little cuts in your budget. This can significantly add up and help build your emergency fund. TAKE ADVANTAGE OF TAX BREAKS There are hundreds of tax deductions and credits out there such as student loan interest deduction, child tax credit and medical expenses that you may qualify for. Do your research and take advantage of these options. STEPS TO TAKE FOR A FINANCIALLY SUCCESSFUL YEAR The severe economic impact of the Covid-19 pandemic pushed many people to consider saving more money. Whether it was from not taking a planned vacation or eating more meals at home, many Americans set the stage for a financially sound 2021. Use this list to check in on your financial situation. The information herein is general/educational in nature & should not be considered financial or legal advice. Consult an attorney or finance professional regarding your specific situation. Pass on good financial habits to your children. The importance of saving is something children should start to learn at an early age. It will help them understand the difference between needs and wants, allow them to make better choices as they get older and set them up for a good financial future. Open an MFS Young Savers account to get started! • Free opening gift • Access to coin counting machine • Watch their savings grow with their very own passbook TEACH YOUR CHILD TO SAVE 1 2 3 4 5