4 Simple Ways To Save For The Future

Woman drinking coffee at laptopManaging your finances can be a daunting task, but it doesn’t have to be. No matter where you are in your life journey, learning to manage money and making it work for you and your future is an important skill. Here are some practical tips to help get you financially fit.

Stretch your dollars wisely

Set a realistic budget and look for ways to reduce spending. Pack a lunch and make a cup of coffee at home instead of stopping for a morning latte. A budget helps you know what you have to spend on necessities and enjoyment, and how much to save each time you get paid.

Make saving a priority

If you have trouble reducing your spending or sticking to your budget, try setting a minimum savings goal. A realistic goal is easier to maintain and helps you accumulate savings a lot faster than you’d expect. Try saving just $5 each week and by the end of the year you will have saved $270! If you increase your savings by just one dollar, it adds up to $324. Put aside small amounts throughout the year and watch your money grow.

Register for Automatic Transfer

Set up your bank account to move money from your paycheck into a savings account before you even know it’s gone. By setting up an automatic transfer, your cash gets saved and you aren’t tempted to spend it. Also try lowering your monthly expenses by 10% and move that cash into savings or investments. Look for savings by paying off your credit card immediately to avoid interest fees or shopping less and move that 10% from spending to long-term savings.

Start thinking about retirement … now

Investing can be intimidating. Look for a certified financial planner who can guide you to invest wisely. Learn to maximize your 401K plan with your employer, open an Individual Retirement Account (IRA) or even put money in a Certificate of Deposit account to earn interest. Credit Unions can help you learn more about IRAs, savings accounts, Certificates of Deposits and other saving products that ensure your budget and retirement goals stay aligned.

Learn how you can save money on your insurance premiums.

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  1. Katrina Meeks says

    I have been with Geico for over 10 years and my children are now following in my footsteps. I get good fast service and that is a plus. These tips are helpful as I have returned to school and I too need to reduce credit card debt. Thanks, Geico and Ericka for sharing good information. The gas tips will really help this winter and I won’t leave my car running for so long.

  2. Fesehatsion T. Tecle says

    Thanks for sharing all the doable, easy and practical ways to make life easy but successful with the most minimum possible economic and social stress

  3. Ericka says

    I have totally messed up this year. I had a previous injury from my job back in 2001, I re injured it back in March 2015, plus got into a car accident in June 2015 (not my year). The purpose of telling you this is, while I was out home on disability during that time. I finally admit that I got into a mental rut as well as cabin fever due to my injury. I maxed out both credit cards, shopping on QVC & HSN. I always thought I wouldn’t be that person. I would frown up at others who would spend or do frivolous things with their money. Now I have to eat my own words. You never know when you will find yourself in certain situations. Now, I just shut up!!! I have 5 years left before retirement, but I have car notes, household bills, credit cards, bank loans, school loans…so I’m digging myself out from under a pile that should have never occurred. So, I say to anyone who may read this, don’t allow pride to get in your way like I did, by not asking for help or having a close love one to keep you in check on impulsive spending. My situation with me as well is helping out family, until the day you need help and you turn around and find yourself standing by yourself!!!!!!!! NO HELP AT ALL!!!!!!!! However, I will move forward & take it one day at a time. I will get myself from under this dark cloud. I made my bed hard, so I just have to lye in it for a while.

  4. Stephie Smith says

    I used to plan my meals ahead of time in an effort to save money, but studying and school has worn me out. Because of this, I started eating out more and taking less time to prepare meals. I’ll have to make it more of a priority like you said. Thanks for sharing the financial advice.