Reaching Your Savings Goals

Advice on reaching your savings goals by our PR Director, Becky Belcher.

How many of you have every had an emergency occur and you were stuck searching for a way to pay for it?  Maybe you had a tire blow out on the interstate and now you have to buy a new one.  If you had a savings account, you would have your answer.  Unfortunately, most of us do not have a Savings Account set up.  Well, now is the time to start one.  I know…you’re thinking, where do I get that money…I already can’t make ends meet.  My answer, “How can you not!”

You can’t start saving for your goals in life without beginning with a budget and get this on paper.  A budget is a step by step plan for meeting expenses in a given period of time.  Believe me, once you see it on paper you’ll be amazed at the areas where you can cut back.  Meeting your saving goals is all about choices!  You are the only one who can decide how to spend your money.

You can’t make a budget if you don’t know your expenses.  To reach your goals, follow these steps:

Pay yourself first – your savings.  How much are you going to put back?  If your job offers payroll deduction, that is a great way to save.  The money will be taken out before you get your check.  You don’t seem to miss it as much and then your money will begin to grow.

Keep track of expenses – Here’s where your budget comes in.  You’ll see where you are spending your money.  The key is to stick with your budget.

Have a realistic goal – Don’t put too much pressure on yourself.  Sure, we would all love to have a million dollars in a saving account, but the reality is most of us won’t see this.  You will know by having a budget how much you can and want to save toward your goal.  After you’ve got some money in a savings account, you can then start saving towards your other goals (car, trip, etc.)

Put it somewhere safe – My grandpa was just as much to blame here.  He grew up in a generation where keeping your money under the mattress or coffee can was normal.  This is not safe.  Too many things can happen and if the money is lost, you can’t get it back.  Please put that hard earned money in a financial institute like DOCO Credit Union where it is insured and safe.  Plus, it’ll be earning interest.  Free money…take advantage of it!

Sample Budget Attached is a sample budget for you to start with.  It is a little time consuming at first, but well worth it in the long run.  Break the rut and start saving!  Maybe skip that drink you buy at two o’clock each day from the vending machine and buy that drink in a case at the store and bring your drinks to work.  You’ll be amazed how much you can save.  Example: Say I buy a drink for $1.00 each day.  That’s $5 a week, $100 for a month (based on 20 working days), $260 a year!  That’s $260 you can put in your savings account!!

Start small, say ten dollars, and work your way up.  Money starts to add up quick and in a year you’ll have a little tucked back for that emergency.

Interesting in opening a Savings account? Find out more information about opening a Savings account with DOCO Credit Union here.