America Saves Week
Feb 22, 2021
It's America Saves Week - an opportunity to encourage good financial behavior, take a deep dive into important savings habits and determine your goals. Not sure where to begin? No worries!
Here are some tips to help you get started. Take the pledge with us by adopting these top five important savings habits to set you up for financial success.
Saving automatically helps you save without thinking about it. Two simple methods are:
- Set up direct deposit with your employer and transfer a portion of your paycheck into a savings account.
- Schedule automatic transfers for a certain amount to go from your checking account to your savings account every week.
Save for the Unexpected
Saving for unexpected expenses is important. It’s a good idea to open a separate savings account just for emergencies. A few possible circumstances where it would be beneficial to already have an emergency fund in place are:
- Loss of income
- Unexpected medical expenses
- Car trouble
- Home repair
Save to Retire
Long term planning is important for your future. Consider the options that are available for you to prepare for retirement.
- Find out what your employers sponsored 401K options are.
- Look into opening an IRA account which encourages long-term savings.
Save By Reducing Debt
You may not realize it but paying down your debt is a way to save. Focus on paying off your debt with the highest interest rates first and if you can, consider paying more than the minimum each month. When you reduce your debt, you are:
- Saving on interest
- Avoiding late fess
- Increasing you credit score
Save as a Family
Make sure to pass on your 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 & wants
- allow them to make better choices as they get older
- set them up for a good financial future.
Open an MFS Young Savers account to get started!
America Saves Week is a national campaign coordinated by the Consumer Federation of America (CFA) and is dedicated to helping individuals save money, reduce debt and build wealth. For more information and other helpful tips, visit americasaves.org.
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.