Starting a new savings plan may seem daunting at first, but once you take that first step and make saving a habit, you’ll see how easy it can be. Here are some tips to get started, from Guideposts’ Financial Readiness booklet:
1) Set aside savings from every paycheck.
2) Automatically deposit a percentage of your income (for example, 5-10%) into a savings account. If 5% is too much, start with an amount that’s comfortable for you, and increase it over time.
3) Don’t forget you can also save for retirement by using a 401(K), a traditional or Roth IRA, or the Thrift Savings Plan (TSP).
Order Guideposts’ free Financial Readiness booklet for even more tips on everything from credit to saving for retirement.
4) Every time you receive money, make it a habit to set some money aside in savings.
5) If you do, you’ll be less likely to spend it and your money will grow with interest. Plus you’ll be ready for emergencies and to make major purchases.
6) Try to earn the most interest you can on the money you save.
7) Remember that the amount of interest you earn will depend on which account you choose and the amount you choose and the amount you keep in the account over time.
These are just a few of the steps you can take to develop good financial habits.
Order Guideposts’ free Financial Readiness booklet for even more tips on everything from credit to saving for retirement.
