How much money did you save
last year? If your savings fell short of your goals, don't give up. You can
still take charge of your financial future. Here are tips to become a
successful saver.
●
Set goals. Give your saving a purpose. Do you
want to accumulate an emergency fund with enough cash to cover six months of
living expenses? Other saving goals may include a college savings fund,
vacation fund, or a fund for major purchases.
●
Treat your savings as your most important
monthly bill. Write a check to savings first, or have your savings
automatically deducted from your checking account or paycheck.
●
Take advantage of tax-deferred retirement
accounts. If your employer offers a 401(k) or SIMPLE retirement plan,
contribute the maximum amount allowed. No employer plan available? Contribute
to an individual retirement account. The money you contribute can reduce your
taxable income and grow tax-deferred.
●
Track your
expenses. Highlight and eliminate unnecessary or wasteful spending. Control the
use of your credit cards. The amount you pay each month in finance charges
could go to savings instead. Get in the habit of giving yourself a regular cash
allowance, and try to live with it.
For help in setting financial
goals and developing a savings plan, call us.
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