The easiest way to save? Automatically! It doesn’t matter how much or what you’re saving for, when you make the smart decision to have a portion of your income automatically deposited into a savings account, you have increased your chance for success. You can set up automatic transfers through employers or your financial institution (Bank) to achieve your savings goal. Every time you receive birthday or holiday money those funds can be automatically split for you with a portion going to your savings!
Save For the Unexpected
The past year has taught us that we have to be as prepared as possible for the unexpected. While we all have future savings goals, having an emergency fund to support present unaccounted for needs, like a car breakdown, dental bill, or even a last minute fun treat should be a top priority. Visit here for the 7 best budgeting apps of 2021 to help you achieve your savings goals.
Save for Retirement
It’s never too soon to prepare for retirement. In fact, the earlier you start to prepare the easier it is to save. Because we know that very few Americans have a plan for retirement savings that will actually cover their desired lifestyle it is important even as a young adult to set aside time to understand your retirement needs and make a plan to meet them.
Save by Reducing Debt
It’s time that we recognize that by paying down debt, we ARE saving! Actively reducing your debt means you’re saving on interest, avoiding late fees, and maintaining or increasing your credit score. I encourage you to take this opportunity to meet with the Financial Wellness Office for a private, personalized financial coaching appointment.