How can I plan to save?
- Choose a savings goal to work towards
- Calculate your savings target to decide how much and how often you will contribute to your savings
- Determine the next steps to achieve your goal.
Keep in mind: Savings is money you set aside today to use in the future. Some things people save for include:
- A bill due at the end of the month.
- Annual expenses like children’s school supplies
- Personal goals, like a new TV, appliances, or a car
Start with one question: What steps can you take to achieve your goal?
How can I save more in my current situation?
- Brainstorm ways to earn more money right now
- Develop good habits that help you save money
- Cut back on costs by avoiding fees and reducing bills
- Decide which goals you want to save for if you have extra money at the end of the month
- Consider asking for support from someone you trust to keep you on track
Start with one question: How could you save more and spend less?
How much can I save this month?
- Focus on habits to change to help you save
- Track your savings for a month
- Reflect on your progress when you meet a savings goal
- If you have a lot of everyday expenses, think of which ones you could cut back on to save money
- Consider weeks when it may be difficult to save and make a plan to stay on track
Start with one question: What is one thing you can do now to start saving?
How can managing my cash flow help me save?
- Get a total picture of your monthly bills and expenses
- Identify times where you don’t have enough money to cover your bills and times when you have money left over to save
- Adjust your monthly expenses in a way that better aligns with your income and savings goals
Start with one question: How could you track your monthly spending?
Where can I put my savings?
- Understand some options available to manage your money
- Evaluate each option according to your needs
- Gather information on how to get started
- Consider your own preferences and concerns
- Learn about what each saving option has to offer
- Write down any questions you may have
Start with one question: How do you keep your money safe?
How can I save when I get a tax refund?
- Brainstorm ways to use your refund
- Commit to spending and saving portions of your refund for specific goals
- Decide the total amount that you will allocate to each area
Start with one question: How will you get your taxes prepared this year?
How can I prepare for unexpected expenses?
- This on unexpected expenses you have faced in the past
- Get prepared to face future unexpected expenses
- Understand how much money you may need for an emergency
- Everyone has unexpected expenses and emergencies. Having money set aside can save you money in the long run
- The target amount for emergencies depends on your needs. Consider starting with $500.00 as your goal
Start with one question: What unexpected expenses stop you from saving?