People in Henrico County are proving you can start small and think big! They are setting financial goals, tracking their spending and taking control of their financial future.
Set a Goal: What to Save For
Saving money, improving your financial life, building wealth. It all starts when you set a goal and make a plan to reach that goal. So what is your goal? Set up an emergency cash fund? Get out of debt? Make a down payment on a car or home? Sock away money for college or retirement?
- Get Out of Debt
- Save for a Home
- Save on Auto Purchases
- Save for Emergencies
- Save for Retirement
- Save for Education
Make a Plan: How to Save Money
Those with a savings plan are twice as likely to save successfully. Cash in those dusty jars of pennies. Pack your lunch instead of buying it at work. There are lots of little things you can do to fund your savings. Just be creative.
Not sure what you should be saving for? Get started with one of our top five savings strategies.
The first step to saving more efficiently is to keep track of what you spend and budget. There are many different ways to do this, try a few out and choose the system that works best for you. The key to saving more successfully is to find a system that works for you and to stick with it.
Receiving a refund this tax season? Learn how to use that money to pay down debt and save instead of buying something you might not really need.
It can be hard 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. Already saving automatically? Find ways to automate other aspects of your financial life this year.
The best automatic saving is when you make a decision to do so, then it just happens:
- Every pay period, your employer deducts a certain amount from your paycheck and transfers it to a retirement or savings account. Ask your HR representative for more details and to set this up.
- Every month, your bank or credit union transfers a fixed amount from your checking account to a savings or investment account. Talk to your local bank or credit union to set this up.
Over time, these automatic deposits add up. $50 a month accumulates to $600 a year and $3,000 after five years, plus interest that has compounded. Soon you will be able to cover many unexpected expenses without putting them on your credit card or taking out a high cost loan.
Assess Your Savings Plan
What is the status of your savings? Like your health, you should assess your savings annually to make sure you are saving for all the right things. Complete the assessment to see if you are saving adequately and create a savings plan.
A personal finance expert from the Henrico Office of Virginia Cooperative Extension can provide you with information and resources. Contact Kimberly Edmonds at (804) 501-5160 or firstname.lastname@example.org with your questions.