5 Tips to Jump-Start Your Savings Plan
1. Build Your Budget
2. Set SMART Goals
The SMART acronym provides a strategy for reaching savings goals that are Specific, Measurable, Achievable, Realistic, and anchored within a Time Frame. As an example, depending on your specific situation, perhaps you can tuck away $20 each week to hit an annual savings goal of $1,000. Measure your progress each week and modify as needed. By keeping it SMART, you will more likely achieve savings goals when bite-sized amounts are saved over a realistic timeframe.
3. Manage Debt
4. Build Your Emergency Fund
5. Set it and Forget It
The most successful savers automate monthly deposits to make them as painless as possible. Decide how much you can put into savings and set yourself up with an automated transfer into a saving account or a higher paying club account. Begin with an amount you can afford to put into savings and look at your big-picture plan to set your savings goals in the long term.
Originally published by: GreenPath Financial Wellness adapted by IAACU