Strategies for saving
- Start with a plan.
Set goals and decide how much can realistically be put aside on a regular basis.
- Make saving automatic.
If possible, have an employer automatically deposit a portion of a paycheck into a savings plan, or put a set amount into a savings account each payday.
- Plan for a “rainy day.”
It will take some of the sting out of those surprises when they happen.
- Have some discretionary spending.
A good savings plan should have some fun built into it.
- Save for retirement.
Take advantage of employer-matched retirement plans, plan for when you stop working.
- Save extra income.
Save a pay raise, tax refunds, gifts, and inheritances, or use them to pay off debt instead of splurging and spending it.
- Teach children the importance of saving.
Show them the wisdom of saving money and planning ahead rather than seeking immediate gratification.
(Source: K-State Research and Extension)
Last modified March 9, 2018