Take Action During America Saves Week

Do you feel confident in saving for your financial goals? America Saves Week may be a good time to gain insights on how to better take control of your finances. From February 27 through March 3 of this year, each day of America Saves Week focuses on a different way you can achieve your savings objectives:

Monday, February 27: Saving automatically
If you’re looking for a simple and effective way to build your nest egg, saving automatically (where possible) may be the way to go. If you’re able to, you should consider designating a certain amount of your income to automatically deposit into a savings account, as well as setting up automatic contributions to your retirement account. Doing so may take the guesswork out of how much of each paycheck to put away and when to do it. 

Tuesday, February 28: Saving for the unexpected
Have you ever needed an unexpected car repair, or had an injury that needed to be checked out urgently? It’s crucial to have savings set aside for unexpected emergencies that may arise. Through putting money towards emergency savings, you can easily take care of those surprise expenses without having to worry about pulling from funds that could be used towards other areas of your life. 

Wednesday, March 1: Saving for major milestones
It can be overwhelming to save for all the major long-term goals and milestones you may have— like retirement, higher education, or homeownership. Some questions to ask yourself:

• What milestones are you saving for?
• Approximately how much will you need to set aside? 
• Do you have an overall understanding of how you might successfully plan for these milestones? 

After answering these questions, it’s important to dive deeper into developing a well thought out strategy to make your planned milestones a reality. 

Thursday, March 2: Paying down debt is saving
Remember that paying off your debt now helps your future-self save, because not spending money unnecessarily on interest and late fees means more of your funds can go elsewhere. (Not to mention, paying off debt in a timely manner might also improve your credit score.)  Remember that you can both pay off debt and save for the future in tandem, and that saving in even small increments is beneficial.

Friday, March 3: Saving at any age
You can always take control of your finances no matter where you are on your journey. Starting to save early, and keeping long-term goals like securing a comfortable retirement in mind, can be helpful in the long-run. For example, the more time your money has to grow in a retirement account, the greater the impact compounding may have on your financial future. And if you’re age 50 or older, and eligible, you could boost your retirement savings with catch-up contributions— which means you can begin contributing more each year to company and individual retirement plans. 

If you have questions about building a financially secure future, please contact your local Mutual of America representative.