America Saves Week
- February 27, 2018
- By: Greenpath Financial Wellness
GreenPath is proud to participate in America Saves Week. This national campaign, which runs each spring, is a valuable opportunity for individuals to learn about healthy savings behavior. Here are some ways to save:
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Tracking Your Expenses
Tracking your expenses is key to successfully managing your money. If you do not track how much you spend, you can’t make decisions on where to save. Tracking your expenses can be easy, from a notebook and pen to budget worksheets and online apps. The most important thing to do is start tracking. This will give you a true sense of your budget.
Make Your Goal SMART
Once you have your budget in place, create a savings goal and make it SMART (Specific, Measurable, Attainable, Realistic and Timely). For example, instead of setting the general goal, “I would like to start saving”, ask yourself questions to make it more specific and measurable:
- What do I want to save for? Retirement? Emergency Fund?
- How much would I like to save each month? Pay period?
- What is the total amount that I would like to reach?
- When is my deadline?
Your SMART Goal: “I would like to begin saving for emergencies, by putting aside $100 each month until I reach 2 months of my salary in savings. In two years, I will be able to reach this goal”.
Cut-back on Expenses
Look for ways that you can save in your budget each day. Whether it is packing your lunch for work, or cutting back on your cable bill, these changes will help you create room in your budget to save.
When you share bills and expenses with another person it is important to communicate your goals, as well as your progress. Monthly meetings with your spouse or family can help you to work towards your goals together, and to help keep each other on track. It is important for these meetings to be open, honest and supportive, rather than blaming one another for any setbacks.
You may hit some bumps in the road towards your savings goal, but it is important to get back up and keep going!
GreenPath Offers A Tool To Help You Save
The Simple Payment Plan, powered by EarnUp, is an online service that makes paying loans easier and better. It combines the support of an experienced financial wellness counselor with the brilliance of technology by managing and automating all of your loan payments on one platform. It’s free and 100% confidential. You are in the driver’s seat, the whole way. We are here to support your financial health because we believe it’s the best way for people to find a path to their dreams.
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