February 22-27 is a week that is set aside nationally to encourage employees to consider saving. Some things to consider are listed below:
It can be difficult to put aside money for savings, but there is an easy way to save money without ever missing it – make your savings automatic in 2016. Are you already saving automatically? Find ways to automate other aspects of your financial life this year.
Assess Your Savings
The beginning of the year is a great time to get to know your full financial picture. If you only do one thing during America Saves Week; Assess Your Savings.
Save for Retirement
Saving now for retirement will ensure that you have enough money to have a comfortable standard of living when you stop or reduce the amount of hours you work. Participate in a work-related retirement program, open up a Roth IRA, or open a “free and easy” myRA account. Are you already saving? Increase the amount you save toward retirement by 1% in 2016.
Save for Emergencies
An emergency savings fund consists of a small amount of money, usually in a savings account that you cannot access easily. Saving for this fund starts with small, regularly scheduled contributions that build up over time.
Saving at Tax Time
Saving a portion of your tax refund can be a big step toward meeting your savings goals. This tax season, get ahead of your financial goals by splitting your tax refund into savings, and reward yourself with SaveYourRefund.
Pay Off High-Interest Debt
With planning, discipline, patience, and maybe some outside help, almost anyone can reduce their debts and start to accumulate wealth. Find places to cut your spending so that you can pay down your debts faster and find places to trim your expenses.
Last updated: February 2, 2016